https://www.taxtmi.com/caselaws?id=292595 The Tribunal held that the Principal Commissioner of Income Tax wrongly assumed jurisdiction under Section 263 to set aside the assessment order. The Tribunal found that the Assessing Officer had properly questioned the Long Term Capital Gain claimed as exempt, and the assumption of jurisdiction by the Principal Commissioner was not justified. The Tribunal emphasized the necessity for the Principal Commissioner to conduct thorough inquiries and provide clear reasons when exercising revisional jurisdiction. Consequently, the Principal Commissioner's order was set aside, reinstating the original assessment order passed by the Assessing Officer. en-us Wed, 21 Aug 2019 00:00:00 +0530 Mon, 19 Jul 2021 16:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=292595 The Tribunal held that the Principal Commissioner of Income Tax wrongly assumed jurisdiction under Section 263 to set aside the assessment order. The Tribunal found that the Assessing Officer had properly questioned the Long Term Capital Gain claimed as exempt, and the assumption of jurisdiction by the Principal Commissioner was not justified. The Tribunal emphasized the necessity for the Principal Commissioner to conduct thorough inquiries and provide clear reasons when exercising revisional jurisdiction. Consequently, the Principal Commissioner's order was set aside, reinstating the original assessment order passed by the Assessing Officer. Case-Laws Income Tax Wed, 21 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=292595