https://www.taxtmi.com/caselaws?id=401305 The Tribunal quashed the CIT's order under Section 263, ruling that the AO's assessment was not erroneous or prejudicial to revenue. The Tribunal found the AO had applied due diligence in inquiries and considered the assessee's submissions. It held that the CIT's direction for further examination lacked specific errors and that non-compliance with RBI guidelines did not render the order erroneous. Consequently, the Tribunal allowed the appeal, stating the CIT lacked jurisdiction to order a fresh assessment, as the AO's decision was valid. en-us Fri, 06 Nov 2020 00:00:00 +0530 Fri, 04 Dec 2020 08:04:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401305 The Tribunal quashed the CIT's order under Section 263, ruling that the AO's assessment was not erroneous or prejudicial to revenue. The Tribunal found the AO had applied due diligence in inquiries and considered the assessee's submissions. It held that the CIT's direction for further examination lacked specific errors and that non-compliance with RBI guidelines did not render the order erroneous. Consequently, the Tribunal allowed the appeal, stating the CIT lacked jurisdiction to order a fresh assessment, as the AO's decision was valid. Case-Laws Income Tax Fri, 06 Nov 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401305