https://www.taxtmi.com/caselaws?id=399546 The HC dismissed the revenue's appeal, ruling in favor of the assessee. The court upheld the Tribunal's decision to condone a 360-day delay, finding it justified. It also affirmed the Tribunal's quashing of the Commissioner's order under Section 263, concluding that the Assessing Officer's decision was neither erroneous nor prejudicial to revenue. The court emphasized that the Commissioner cannot revise assessments based solely on inadequate inquiries or insufficient material, interpreting Section 263 to require both error and prejudice to revenue. The judgment aligned with established legal principles and prior Supreme Court rulings. en-us Mon, 05 Oct 2020 00:00:00 +0530 Thu, 07 Nov 2024 11:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399546 The HC dismissed the revenue's appeal, ruling in favor of the assessee. The court upheld the Tribunal's decision to condone a 360-day delay, finding it justified. It also affirmed the Tribunal's quashing of the Commissioner's order under Section 263, concluding that the Assessing Officer's decision was neither erroneous nor prejudicial to revenue. The court emphasized that the Commissioner cannot revise assessments based solely on inadequate inquiries or insufficient material, interpreting Section 263 to require both error and prejudice to revenue. The judgment aligned with established legal principles and prior Supreme Court rulings. Case-Laws Income Tax Mon, 05 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399546