https://www.taxtmi.com/caselaws?id=402965 The Tribunal found that the Principal Commissioner of Income Tax (PCIT) did not prove that the Assessing Officer's order was both erroneous and prejudicial to revenue interests. Therefore, the invocation of Section 263 of the Income Tax Act was deemed unjustified. The Tribunal set aside the Section 263 order and ruled in favor of the assessee, emphasizing the PCIT's obligation to conduct an independent inquiry and provide specific reasons and evidence before initiating such proceedings. en-us Fri, 08 Jan 2021 00:00:00 +0530 Sat, 16 Jan 2021 11:01:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=402965 The Tribunal found that the Principal Commissioner of Income Tax (PCIT) did not prove that the Assessing Officer's order was both erroneous and prejudicial to revenue interests. Therefore, the invocation of Section 263 of the Income Tax Act was deemed unjustified. The Tribunal set aside the Section 263 order and ruled in favor of the assessee, emphasizing the PCIT's obligation to conduct an independent inquiry and provide specific reasons and evidence before initiating such proceedings. Case-Laws Income Tax Fri, 08 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=402965