https://www.taxtmi.com/caselaws?id=347755 The Tribunal quashed the Principal Commissioner of Income Tax's order invoking Section 263 of the Income Tax Act, 1961. It held that the assessment order, including the treatment of loan liabilities in relation to capital work in progress, was not erroneous or prejudicial to revenue. The Tribunal found the discrepancies in the calculations presented by the parties to be tax-neutral, leading to the allowance of the assessee's appeal and the cancellation of the proceedings under Section 263. en-us Wed, 14 Jun 2017 00:00:00 +0530 Fri, 08 Sep 2017 09:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=347755 The Tribunal quashed the Principal Commissioner of Income Tax's order invoking Section 263 of the Income Tax Act, 1961. It held that the assessment order, including the treatment of loan liabilities in relation to capital work in progress, was not erroneous or prejudicial to revenue. The Tribunal found the discrepancies in the calculations presented by the parties to be tax-neutral, leading to the allowance of the assessee's appeal and the cancellation of the proceedings under Section 263. Case-Laws Income Tax Wed, 14 Jun 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=347755