https://www.taxtmi.com/caselaws?id=358524 The tribunal quashed the Principal Commissioner of Income Tax's order under section 263, as it failed to demonstrate specific errors or prejudice to Revenue's interests in the assessment order. The tribunal emphasized the necessity for minimum enquiries to establish AO's errors, highlighting the lack of adequate verification by the Pr.CIT in various aspects. Consequently, the tribunal allowed the assessee's appeal, stating that revisionary powers cannot be used for unfounded inquiries, ultimately ruling in favor of the assessee due to the lack of substantiated findings by the Pr.CIT. en-us Mon, 09 Apr 2018 00:00:00 +0530 Fri, 22 Jun 2018 17:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=358524 The tribunal quashed the Principal Commissioner of Income Tax's order under section 263, as it failed to demonstrate specific errors or prejudice to Revenue's interests in the assessment order. The tribunal emphasized the necessity for minimum enquiries to establish AO's errors, highlighting the lack of adequate verification by the Pr.CIT in various aspects. Consequently, the tribunal allowed the assessee's appeal, stating that revisionary powers cannot be used for unfounded inquiries, ultimately ruling in favor of the assessee due to the lack of substantiated findings by the Pr.CIT. Case-Laws Income Tax Mon, 09 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=358524