https://www.taxtmi.com/caselaws?id=366262 The Tribunal upheld the Principal Commissioner of Income Tax's invocation of Section 263, directing a fresh assessment regarding the deduction under Section 80P for the cooperative society. It was deemed that the Assessing Officer's failure to properly inquire and apply his mind rendered the assessment order erroneous and prejudicial to the Revenue, warranting revision under Section 263. The decision underscored the importance of thorough inquiry by the Assessing Officer to avoid such revisions and emphasized that consistency in previous assessment years does not prevent corrective action if the order is found to be erroneous. en-us Fri, 24 Aug 2018 00:00:00 +0530 Fri, 31 Aug 2018 08:59:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=366262 The Tribunal upheld the Principal Commissioner of Income Tax's invocation of Section 263, directing a fresh assessment regarding the deduction under Section 80P for the cooperative society. It was deemed that the Assessing Officer's failure to properly inquire and apply his mind rendered the assessment order erroneous and prejudicial to the Revenue, warranting revision under Section 263. The decision underscored the importance of thorough inquiry by the Assessing Officer to avoid such revisions and emphasized that consistency in previous assessment years does not prevent corrective action if the order is found to be erroneous. Case-Laws Income Tax Fri, 24 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=366262