https://www.taxtmi.com/caselaws?id=392544 The Tribunal upheld the Principal Commissioner of Income Tax's invocation of revisional jurisdiction under Section 263 of the Income Tax Act, setting aside the Assessing Officer's assessment order for fresh enquiry due to lack of proper investigation into significant pending expenses. The Tribunal found the AO's failure to conduct thorough enquiries justified the Pr.CIT's actions, as the assessment order was deemed erroneous and prejudicial to revenue interests. The appeal by the assessee was dismissed, affirming the Pr.CIT's decision to revise the assessment order. en-us Thu, 20 Feb 2020 00:00:00 +0530 Sat, 22 Feb 2020 18:10:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=392544 The Tribunal upheld the Principal Commissioner of Income Tax's invocation of revisional jurisdiction under Section 263 of the Income Tax Act, setting aside the Assessing Officer's assessment order for fresh enquiry due to lack of proper investigation into significant pending expenses. The Tribunal found the AO's failure to conduct thorough enquiries justified the Pr.CIT's actions, as the assessment order was deemed erroneous and prejudicial to revenue interests. The appeal by the assessee was dismissed, affirming the Pr.CIT's decision to revise the assessment order. Case-Laws Income Tax Thu, 20 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=392544