https://www.taxtmi.com/caselaws?id=288877 The Tribunal set aside the revision order under section 263, ruling that the Assessing Officer's decision was not erroneous. The Tribunal emphasized the AO's due inquiry and application of mind. It found the CIT's failure to address the assessee's objections violated natural justice. The direction to delete the deduction under section 10B on suo-moto Transfer Pricing adjustments was deemed unjustified. Penalty proceedings under section 271(l)(c) were not warranted as the AO had accepted the assessee's explanation. The appeal was allowed in favor of the assessee. en-us Wed, 15 Jan 2020 00:00:00 +0530 Sat, 04 Jul 2020 09:32:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=288877 The Tribunal set aside the revision order under section 263, ruling that the Assessing Officer's decision was not erroneous. The Tribunal emphasized the AO's due inquiry and application of mind. It found the CIT's failure to address the assessee's objections violated natural justice. The direction to delete the deduction under section 10B on suo-moto Transfer Pricing adjustments was deemed unjustified. Penalty proceedings under section 271(l)(c) were not warranted as the AO had accepted the assessee's explanation. The appeal was allowed in favor of the assessee. Case-Laws Income Tax Wed, 15 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=288877