https://www.taxtmi.com/caselaws?id=375835 The Tribunal held that the Principal Commissioner of Income Tax (PCIT) erred in invoking Section 263 as the Assessing Officer had adequately examined the issues during the first revision proceedings. The Tribunal found that the twin conditions for invoking Section 263 were not met, as the order was not both erroneous and prejudicial to revenue. Consequently, the Tribunal set aside the PCIT's order and restored the assessment order passed by the AO, allowing the appeal filed by the assessee. en-us Fri, 21 Dec 2018 00:00:00 +0530 Wed, 27 Feb 2019 06:54:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=375835 The Tribunal held that the Principal Commissioner of Income Tax (PCIT) erred in invoking Section 263 as the Assessing Officer had adequately examined the issues during the first revision proceedings. The Tribunal found that the twin conditions for invoking Section 263 were not met, as the order was not both erroneous and prejudicial to revenue. Consequently, the Tribunal set aside the PCIT's order and restored the assessment order passed by the AO, allowing the appeal filed by the assessee. Case-Laws Income Tax Fri, 21 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=375835