https://www.taxtmi.com/caselaws?id=362562 The Tribunal found that the Principal Commissioner of Income Tax (PCIT) erred in assuming jurisdiction under section 263 of the Income-tax Act, 1961, based on incorrect facts and misinterpretation of a sister concern's case. The Tribunal emphasized that revisionary powers can only be invoked if the assessment order is both erroneous and prejudicial to the Revenue, not merely due to a difference in interpretation. As the PCIT's decision solely relied on the sister concern's case without considering the specific facts of the present case, the Tribunal set aside the PCIT's order and restored that of the Assessing Officer, ultimately allowing the appeal of the assessee in ITA No. 2330/DEL/2018. en-us Tue, 26 Jun 2018 00:00:00 +0530 Thu, 28 Jun 2018 10:41:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=362562 The Tribunal found that the Principal Commissioner of Income Tax (PCIT) erred in assuming jurisdiction under section 263 of the Income-tax Act, 1961, based on incorrect facts and misinterpretation of a sister concern's case. The Tribunal emphasized that revisionary powers can only be invoked if the assessment order is both erroneous and prejudicial to the Revenue, not merely due to a difference in interpretation. As the PCIT's decision solely relied on the sister concern's case without considering the specific facts of the present case, the Tribunal set aside the PCIT's order and restored that of the Assessing Officer, ultimately allowing the appeal of the assessee in ITA No. 2330/DEL/2018. Case-Laws Income Tax Tue, 26 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=362562