https://www.taxtmi.com/caselaws?id=400715 The Tribunal ruled in favor of the assessee, setting aside the Principal Commissioner of Income Tax's invocation of Section 263. It held that the assessment order was not erroneous or prejudicial to the revenue as the Assessing Officer had conducted necessary inquiries and the deduction claimed under Section 54B was valid. The Tribunal emphasized that the AO's decision was based on permissible views supported by judicial precedents, ultimately allowing the appeal filed by the assessee. en-us Wed, 21 Oct 2020 00:00:00 +0530 Mon, 16 Nov 2020 17:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400715 The Tribunal ruled in favor of the assessee, setting aside the Principal Commissioner of Income Tax's invocation of Section 263. It held that the assessment order was not erroneous or prejudicial to the revenue as the Assessing Officer had conducted necessary inquiries and the deduction claimed under Section 54B was valid. The Tribunal emphasized that the AO's decision was based on permissible views supported by judicial precedents, ultimately allowing the appeal filed by the assessee. Case-Laws Income Tax Wed, 21 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400715