https://www.taxtmi.com/caselaws?id=353138 The Tribunal quashed the Principal CIT's order under section 263, holding that the CIT failed to justify the revisionary action and did not adequately consider the detailed submissions made by the assessee. The Tribunal emphasized the necessity for the CIT to establish that the Assessing Officer's order was indeed erroneous and prejudicial to the revenue before exercising revisionary powers. The decision highlighted the significance of due process and the correct application of legal principles in revising assessment orders. en-us Thu, 14 Dec 2017 00:00:00 +0530 Thu, 28 Dec 2017 08:05:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=353138 The Tribunal quashed the Principal CIT's order under section 263, holding that the CIT failed to justify the revisionary action and did not adequately consider the detailed submissions made by the assessee. The Tribunal emphasized the necessity for the CIT to establish that the Assessing Officer's order was indeed erroneous and prejudicial to the revenue before exercising revisionary powers. The decision highlighted the significance of due process and the correct application of legal principles in revising assessment orders. Case-Laws Income Tax Thu, 14 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=353138