https://www.taxtmi.com/caselaws?id=377180 The Tribunal upheld the Principal Commissioner's decision to revise the assessment order under section 263 of the Income Tax Act, 1961, for the Assessment Year 2013-14. The appeal challenged the jurisdiction of the Principal Commissioner but was dismissed. The Tribunal found errors in the assessment related to interest payment and chit loss claims, stating that the Assessing Officer's order was erroneous and prejudicial to the revenue's interests due to lack of proper verifications and inquiries. The Principal Commissioner's direction to redo the assessment after providing a hearing opportunity to the assessee was upheld. en-us Fri, 22 Mar 2019 00:00:00 +0530 Mon, 25 Mar 2019 06:55:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=377180 The Tribunal upheld the Principal Commissioner's decision to revise the assessment order under section 263 of the Income Tax Act, 1961, for the Assessment Year 2013-14. The appeal challenged the jurisdiction of the Principal Commissioner but was dismissed. The Tribunal found errors in the assessment related to interest payment and chit loss claims, stating that the Assessing Officer's order was erroneous and prejudicial to the revenue's interests due to lack of proper verifications and inquiries. The Principal Commissioner's direction to redo the assessment after providing a hearing opportunity to the assessee was upheld. Case-Laws Income Tax Fri, 22 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=377180