https://www.taxtmi.com/caselaws?id=403575 The Tribunal set aside the Principal Commissioner of Income Tax's order under Section 263, ruling that the Assessing Officer had conducted thorough investigations, and the assessment order was not erroneous or prejudicial to Revenue. The Tribunal allowed the assessee's appeal, finding that the initiation of proceedings under Section 263 was unjustified as the AO had appropriately examined foreign travel expenses, ESOPs, and complied with statutory directions under Section 144A of the Income Tax Act. The Tribunal also held that the AO's inquiries were adequate, rejecting allegations of insufficient investigation. en-us Wed, 27 Jan 2021 00:00:00 +0530 Tue, 02 Feb 2021 14:57:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=403575 The Tribunal set aside the Principal Commissioner of Income Tax's order under Section 263, ruling that the Assessing Officer had conducted thorough investigations, and the assessment order was not erroneous or prejudicial to Revenue. The Tribunal allowed the assessee's appeal, finding that the initiation of proceedings under Section 263 was unjustified as the AO had appropriately examined foreign travel expenses, ESOPs, and complied with statutory directions under Section 144A of the Income Tax Act. The Tribunal also held that the AO's inquiries were adequate, rejecting allegations of insufficient investigation. Case-Laws Income Tax Wed, 27 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=403575