https://www.taxtmi.com/caselaws?id=389995 The Tribunal found that the Principal Commissioner of Income Tax (PCIT) did not properly exercise jurisdiction under section 263 of the Income Tax Act, 1961. The PCIT's order setting aside the assessment under section 143(3) was deemed unsustainable as the PCIT failed to independently assess the situation and relied on the Assessing Officer's proposal. Consequently, the Tribunal quashed the PCIT's order, ruling in favor of the assessee. en-us Fri, 08 Nov 2019 00:00:00 +0530 Sat, 21 Dec 2019 10:03:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=389995 The Tribunal found that the Principal Commissioner of Income Tax (PCIT) did not properly exercise jurisdiction under section 263 of the Income Tax Act, 1961. The PCIT's order setting aside the assessment under section 143(3) was deemed unsustainable as the PCIT failed to independently assess the situation and relied on the Assessing Officer's proposal. Consequently, the Tribunal quashed the PCIT's order, ruling in favor of the assessee. Case-Laws Income Tax Fri, 08 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=389995