https://www.taxtmi.com/caselaws?id=358208 The tribunal upheld the Principal Commissioner of Income Tax's decision to reopen the case under section 263 of the Income Tax Act. It found that the Assessing Officer had not adequately inquired into the valuation of work in progress, specifically regarding indirect expenses, deeming the original assessment order erroneous and prejudicial to revenue. The tribunal affirmed the PCIT's jurisdiction to revise the AO's order, emphasizing the necessity for thorough investigations, especially when recurring issues are involved. en-us Tue, 03 Apr 2018 00:00:00 +0530 Sat, 07 Apr 2018 07:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=358208 The tribunal upheld the Principal Commissioner of Income Tax's decision to reopen the case under section 263 of the Income Tax Act. It found that the Assessing Officer had not adequately inquired into the valuation of work in progress, specifically regarding indirect expenses, deeming the original assessment order erroneous and prejudicial to revenue. The tribunal affirmed the PCIT's jurisdiction to revise the AO's order, emphasizing the necessity for thorough investigations, especially when recurring issues are involved. Case-Laws Income Tax Tue, 03 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=358208