https://www.taxtmi.com/caselaws?id=198207 The Tribunal ruled in favor of the assessee, holding that the CIT's invocation of powers under section 263 based on a non-jurisdictional high court decision was not valid. It found that the AO's assessment order was not erroneous and prejudicial to the interest of revenue as it was based on a plausible interpretation of the law. The appeal was allowed, emphasizing the importance of adhering to jurisdictional court decisions and considering multiple plausible views in assessing the correctness of orders under the IT Act. en-us Sun, 22 Jan 2017 00:00:00 +0530 Thu, 25 Jan 2018 10:45:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=198207 The Tribunal ruled in favor of the assessee, holding that the CIT's invocation of powers under section 263 based on a non-jurisdictional high court decision was not valid. It found that the AO's assessment order was not erroneous and prejudicial to the interest of revenue as it was based on a plausible interpretation of the law. The appeal was allowed, emphasizing the importance of adhering to jurisdictional court decisions and considering multiple plausible views in assessing the correctness of orders under the IT Act. Case-Laws Income Tax Sun, 22 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=198207