https://www.taxtmi.com/caselaws?id=274521 The Tribunal held that the Principal Commissioner of Income Tax (PCIT) was not justified in assuming jurisdiction under section 263 of the Income Tax Act to revise the assessment order. It was determined that the Assessing Officer (AO) had adequately examined the nature of the capital subsidy received by the assessee, and the decision to treat it as a capital receipt was a possible view. The PCIT's introduction of a new issue without allowing the assessee to respond was deemed a violation of natural justice. The Tribunal set aside the PCIT's order and restored the assessment order, allowing the assessee's appeal. en-us Thu, 13 Apr 2017 00:00:00 +0530 Sun, 19 Aug 2018 11:45:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=274521 The Tribunal held that the Principal Commissioner of Income Tax (PCIT) was not justified in assuming jurisdiction under section 263 of the Income Tax Act to revise the assessment order. It was determined that the Assessing Officer (AO) had adequately examined the nature of the capital subsidy received by the assessee, and the decision to treat it as a capital receipt was a possible view. The PCIT's introduction of a new issue without allowing the assessee to respond was deemed a violation of natural justice. The Tribunal set aside the PCIT's order and restored the assessment order, allowing the assessee's appeal. Case-Laws Income Tax Thu, 13 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=274521