https://www.taxtmi.com/caselaws?id=383293 The Income Tax Appellate Tribunal's decision setting aside the Principal Commissioner's order under Section 263 of the Income Tax Act was upheld by the Tribunal. The Tribunal found that the assessing officer had conducted a detailed inquiry and was satisfied with the cost of fixed assets as recorded in the books of accounts. It was determined that the Principal Commissioner's invocation of Section 263 was not justified, as there was no error or prejudice to the revenue's interests. The appeal was dismissed, citing the principle that not every revenue loss constitutes prejudice to the revenue's interests, in line with the Supreme Court's ruling in Malabar Industrial Co. Ltd. Vs. Commissioner of Income Tax. en-us Mon, 01 Jul 2019 00:00:00 +0530 Fri, 19 Jul 2019 13:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=383293 The Income Tax Appellate Tribunal's decision setting aside the Principal Commissioner's order under Section 263 of the Income Tax Act was upheld by the Tribunal. The Tribunal found that the assessing officer had conducted a detailed inquiry and was satisfied with the cost of fixed assets as recorded in the books of accounts. It was determined that the Principal Commissioner's invocation of Section 263 was not justified, as there was no error or prejudice to the revenue's interests. The appeal was dismissed, citing the principle that not every revenue loss constitutes prejudice to the revenue's interests, in line with the Supreme Court's ruling in Malabar Industrial Co. Ltd. Vs. Commissioner of Income Tax. Case-Laws Income Tax Mon, 01 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=383293