https://www.taxtmi.com/caselaws?id=403633 The tribunal found that the Principal Commissioner of Income Tax (PCIT) erred in invoking revisionary jurisdiction under Section 263 of the Income Tax Act. It was determined that the Assessing Officer (AO) had indeed conducted inquiries regarding the relevant financial details during the assessment proceedings, even though these were not explicitly discussed in the assessment order. The tribunal held that the PCIT's assumption of lack of enquiry was incorrect, leading to the quashing of the revisionary order. Consequently, the appeal of the assessee was allowed, with the decision issued on 21/12/2020. en-us Mon, 21 Dec 2020 00:00:00 +0530 Thu, 04 Feb 2021 09:19:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=403633 The tribunal found that the Principal Commissioner of Income Tax (PCIT) erred in invoking revisionary jurisdiction under Section 263 of the Income Tax Act. It was determined that the Assessing Officer (AO) had indeed conducted inquiries regarding the relevant financial details during the assessment proceedings, even though these were not explicitly discussed in the assessment order. The tribunal held that the PCIT's assumption of lack of enquiry was incorrect, leading to the quashing of the revisionary order. Consequently, the appeal of the assessee was allowed, with the decision issued on 21/12/2020. Case-Laws Income Tax Mon, 21 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=403633