https://www.taxtmi.com/caselaws?id=287544 The Tribunal quashed the order passed by the Principal Commissioner of Income Tax (Pr. CIT), holding that the Assessing Officer (AO) had conducted thorough inquiries and made a reasoned decision in allowing the claim. The Tribunal criticized the Pr. CIT for mechanically exercising power without specific reasons and emphasized the importance of judicial consistency in subsequent assessment years. It was found that the AO had consistently applied the same approach, and the Pr. CIT's actions were deemed contrary to legal precedent. The Tribunal ruled in favor of the assessee, allowing the appeal and rejecting the Pr. CIT's jurisdiction under Section 263 of the Income Tax Act. en-us Fri, 01 Dec 2017 00:00:00 +0530 Sat, 18 Apr 2020 11:43:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=287544 The Tribunal quashed the order passed by the Principal Commissioner of Income Tax (Pr. CIT), holding that the Assessing Officer (AO) had conducted thorough inquiries and made a reasoned decision in allowing the claim. The Tribunal criticized the Pr. CIT for mechanically exercising power without specific reasons and emphasized the importance of judicial consistency in subsequent assessment years. It was found that the AO had consistently applied the same approach, and the Pr. CIT's actions were deemed contrary to legal precedent. The Tribunal ruled in favor of the assessee, allowing the appeal and rejecting the Pr. CIT's jurisdiction under Section 263 of the Income Tax Act. Case-Laws Income Tax Fri, 01 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=287544