https://www.taxtmi.com/caselaws?id=386411 The Tribunal held that the Principal Commissioner of Income Tax's (PCIT) invocation of revisionary powers under Section 263 was not justified as there was no concrete evidence of revenue leakage or erroneous assessment. The Assessing Officer had conducted necessary inquiries, and the PCIT's allegations lacked substantial proof, being based on suspicions and conjectures. Consequently, the Tribunal set aside the PCIT's orders under Section 263 for all the assessment years involved. en-us Mon, 19 Aug 2019 00:00:00 +0530 Fri, 27 Sep 2019 10:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=386411 The Tribunal held that the Principal Commissioner of Income Tax's (PCIT) invocation of revisionary powers under Section 263 was not justified as there was no concrete evidence of revenue leakage or erroneous assessment. The Assessing Officer had conducted necessary inquiries, and the PCIT's allegations lacked substantial proof, being based on suspicions and conjectures. Consequently, the Tribunal set aside the PCIT's orders under Section 263 for all the assessment years involved. Case-Laws Income Tax Mon, 19 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=386411