https://www.taxtmi.com/caselaws?id=403398 The Appellate Tribunal held that the Principal Commissioner's revision order under section 263 of the Income Tax Act was invalid as the assessment order was not erroneous or prejudicial to the Revenue's interests. The Tribunal emphasized the need for objective material to invoke such revisionary powers and found the lack of substantiated findings in the impugned order. Consequently, the Tribunal quashed the revision order and allowed the appeal filed by the assessee, overturning the decision of the Principal Commissioner. The Tribunal's decision was in favor of the assessee, pronounced on December 14, 2020. en-us Mon, 14 Dec 2020 00:00:00 +0530 Wed, 27 Jan 2021 18:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=403398 The Appellate Tribunal held that the Principal Commissioner's revision order under section 263 of the Income Tax Act was invalid as the assessment order was not erroneous or prejudicial to the Revenue's interests. The Tribunal emphasized the need for objective material to invoke such revisionary powers and found the lack of substantiated findings in the impugned order. Consequently, the Tribunal quashed the revision order and allowed the appeal filed by the assessee, overturning the decision of the Principal Commissioner. The Tribunal's decision was in favor of the assessee, pronounced on December 14, 2020. Case-Laws Income Tax Mon, 14 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=403398