https://www.taxtmi.com/caselaws?id=403285 The Tribunal allowed the appeal, quashing the revision order under Section 263 of the Income Tax Act. It held that the Principal Commissioner's suspicions lacked concrete evidence of errors in the Assessing Officer's order, emphasizing that mere suspicion or inadequate enquiry does not warrant revision under Section 263. The Tribunal required specific errors prejudicial to revenue for revision, which were not demonstrated. Consequently, the Tribunal found in favor of the assessee, allowing the appeal and rejecting the revision order. en-us Fri, 08 Jan 2021 00:00:00 +0530 Sat, 23 Jan 2021 11:16:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=403285 The Tribunal allowed the appeal, quashing the revision order under Section 263 of the Income Tax Act. It held that the Principal Commissioner's suspicions lacked concrete evidence of errors in the Assessing Officer's order, emphasizing that mere suspicion or inadequate enquiry does not warrant revision under Section 263. The Tribunal required specific errors prejudicial to revenue for revision, which were not demonstrated. Consequently, the Tribunal found in favor of the assessee, allowing the appeal and rejecting the revision order. Case-Laws Income Tax Fri, 08 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=403285