https://www.taxtmi.com/caselaws?id=349475 The Tribunal found that the Principal Commissioner of Income Tax failed to demonstrate the error in the Assessment Officer's order under Section 263, leading to the invalidation of the revisionary jurisdiction. The Tribunal upheld the reduced claim of depreciation, deduction on account of incentive paid, profit on sale of assets, and other disputed issues, concluding that the AO's actions were not erroneous or prejudicial to revenue. The Tribunal set aside the PCIT's order under Section 263, ruling in favor of the assessee. en-us Fri, 06 Oct 2017 00:00:00 +0530 Sat, 14 Oct 2017 07:57:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=349475 The Tribunal found that the Principal Commissioner of Income Tax failed to demonstrate the error in the Assessment Officer's order under Section 263, leading to the invalidation of the revisionary jurisdiction. The Tribunal upheld the reduced claim of depreciation, deduction on account of incentive paid, profit on sale of assets, and other disputed issues, concluding that the AO's actions were not erroneous or prejudicial to revenue. The Tribunal set aside the PCIT's order under Section 263, ruling in favor of the assessee. Case-Laws Income Tax Fri, 06 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=349475