https://www.taxtmi.com/caselaws?id=401550 The Tribunal quashed the PCIT's order under Section 263 of the Income Tax Act, ruling that the PCIT erred in invoking revisionary jurisdiction. The Tribunal held that the AO had correctly scrutinized and accepted the deductions claimed by the assessee under Section 36(1)(viia) based on detailed justifications. The Tribunal emphasized that a differing opinion by the PCIT did not render the AO's order erroneous or prejudicial to the revenue's interests. The decision aligned with the Tribunal's earlier ruling in the assessee's case for a prior assessment year, reinforcing that the PCIT's revision attempt was unjustified. en-us Tue, 08 Dec 2020 00:00:00 +0530 Mon, 04 Nov 2024 12:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401550 The Tribunal quashed the PCIT's order under Section 263 of the Income Tax Act, ruling that the PCIT erred in invoking revisionary jurisdiction. The Tribunal held that the AO had correctly scrutinized and accepted the deductions claimed by the assessee under Section 36(1)(viia) based on detailed justifications. The Tribunal emphasized that a differing opinion by the PCIT did not render the AO's order erroneous or prejudicial to the revenue's interests. The decision aligned with the Tribunal's earlier ruling in the assessee's case for a prior assessment year, reinforcing that the PCIT's revision attempt was unjustified. Case-Laws Income Tax Tue, 08 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401550