https://www.taxtmi.com/caselaws?id=397129 The Tribunal upheld the Principal Commissioner of Income Tax's order under section 263 of the Income Tax Act, dismissing the appeal of the assessee. The Assessing Officer's failure to conduct a thorough inquiry and provide reasoning for accepting the revised computation of income rendered the assessment order erroneous and prejudicial to the interest of the Revenue. The Tribunal emphasized the importance of applying mind and conducting proper inquiries during the assessment process, citing relevant judicial precedents. en-us Mon, 03 Aug 2020 00:00:00 +0530 Tue, 04 Aug 2020 15:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397129 The Tribunal upheld the Principal Commissioner of Income Tax's order under section 263 of the Income Tax Act, dismissing the appeal of the assessee. The Assessing Officer's failure to conduct a thorough inquiry and provide reasoning for accepting the revised computation of income rendered the assessment order erroneous and prejudicial to the interest of the Revenue. The Tribunal emphasized the importance of applying mind and conducting proper inquiries during the assessment process, citing relevant judicial precedents. Case-Laws Income Tax Mon, 03 Aug 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397129