https://www.taxtmi.com/caselaws?id=364504 The Tribunal set aside the Principal Commissioner of Income Tax's order under Section 263, ruling in favor of the assessee. It held that the original assessment order was not erroneous or prejudicial to the Revenue as the Assessing Officer had properly verified the exemption claimed under Section 10(38). The Tribunal found the genuineness of the deduction claimed was adequately supported by the evidence provided by the assessee, and the reliance on a report received after the assessment was not justified. Therefore, the appeal filed by the assessee was allowed, and the Principal Commissioner's order was deemed unsustainable. en-us Thu, 26 Jul 2018 00:00:00 +0530 Tue, 31 Jul 2018 07:45:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=364504 The Tribunal set aside the Principal Commissioner of Income Tax's order under Section 263, ruling in favor of the assessee. It held that the original assessment order was not erroneous or prejudicial to the Revenue as the Assessing Officer had properly verified the exemption claimed under Section 10(38). The Tribunal found the genuineness of the deduction claimed was adequately supported by the evidence provided by the assessee, and the reliance on a report received after the assessment was not justified. Therefore, the appeal filed by the assessee was allowed, and the Principal Commissioner's order was deemed unsustainable. Case-Laws Income Tax Thu, 26 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=364504