https://www.taxtmi.com/caselaws?id=274563 The High Court upheld the Tribunal's decision, ruling in favor of the assessee against the department. The Tribunal emphasized that the power of revision under section 263 lies with the Commissioner, not the Assessing Officer, and set aside the CIT's order as the AO's proposal for revision was not recognized. Additionally, the Tribunal found that the twin conditions under section 263 were not met in this case, as the AO had conducted proper verification during the assessment reopening, leading to the Court dismissing the appeal in favor of the assessee. en-us Tue, 07 Nov 2017 00:00:00 +0530 Wed, 22 Aug 2018 07:38:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=274563 The High Court upheld the Tribunal's decision, ruling in favor of the assessee against the department. The Tribunal emphasized that the power of revision under section 263 lies with the Commissioner, not the Assessing Officer, and set aside the CIT's order as the AO's proposal for revision was not recognized. Additionally, the Tribunal found that the twin conditions under section 263 were not met in this case, as the AO had conducted proper verification during the assessment reopening, leading to the Court dismissing the appeal in favor of the assessee. Case-Laws Income Tax Tue, 07 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=274563