https://www.taxtmi.com/caselaws?id=403727 The Tribunal upheld the Principal Commissioner of Income Tax's (PCIT) invocation of Section 263, finding the Assessing Officer's failure to consider Section 56(2)(vii)(b)(ii) justified the revision. The PCIT's action was deemed necessary as the original assessment order was found to be erroneous and prejudicial to Revenue due to the AO's oversight. The Tribunal dismissed the appellant's appeal, affirming the need for a fresh examination of the issue in question to rectify the deficiencies in the assessment process. en-us Thu, 28 Jan 2021 00:00:00 +0530 Sat, 06 Feb 2021 11:07:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=403727 The Tribunal upheld the Principal Commissioner of Income Tax's (PCIT) invocation of Section 263, finding the Assessing Officer's failure to consider Section 56(2)(vii)(b)(ii) justified the revision. The PCIT's action was deemed necessary as the original assessment order was found to be erroneous and prejudicial to Revenue due to the AO's oversight. The Tribunal dismissed the appellant's appeal, affirming the need for a fresh examination of the issue in question to rectify the deficiencies in the assessment process. Case-Laws Income Tax Thu, 28 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=403727