https://www.taxtmi.com/caselaws?id=401067 The Tribunal found that the Assessing Officer's order was not erroneous or prejudicial to revenue. It was held that the Assessing Officer had conducted thorough inquiries and verifications during the assessment proceedings. Consequently, the Principal Commissioner of Income Tax's assumption of jurisdiction under section 263 was deemed incorrect, leading to the quashing of the impugned order. The appeals of the assessees were allowed, and the original assessment orders were reinstated. en-us Tue, 24 Nov 2020 00:00:00 +0530 Thu, 26 Nov 2020 11:52:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401067 The Tribunal found that the Assessing Officer's order was not erroneous or prejudicial to revenue. It was held that the Assessing Officer had conducted thorough inquiries and verifications during the assessment proceedings. Consequently, the Principal Commissioner of Income Tax's assumption of jurisdiction under section 263 was deemed incorrect, leading to the quashing of the impugned order. The appeals of the assessees were allowed, and the original assessment orders were reinstated. Case-Laws Income Tax Tue, 24 Nov 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401067