https://www.taxtmi.com/caselaws?id=396188 The Tribunal held that the Principal Commissioner of Income Tax (PCIT) could not exercise jurisdiction under section 263 based on the omitted clause (i) of section 92BA, which was deemed to have never existed. As the omission lacked a saving clause, the provision was considered non-existent. Consequently, the revisionary order passed by the PCIT was quashed, and the appeal of the assessee was allowed, determining that the Assessing Officer's actions were not erroneous or prejudicial to revenue interests. en-us Wed, 17 Jun 2020 00:00:00 +0530 Wed, 24 Jun 2020 10:48:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=396188 The Tribunal held that the Principal Commissioner of Income Tax (PCIT) could not exercise jurisdiction under section 263 based on the omitted clause (i) of section 92BA, which was deemed to have never existed. As the omission lacked a saving clause, the provision was considered non-existent. Consequently, the revisionary order passed by the PCIT was quashed, and the appeal of the assessee was allowed, determining that the Assessing Officer's actions were not erroneous or prejudicial to revenue interests. Case-Laws Income Tax Wed, 17 Jun 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=396188