CIT cannot invoke Section 263 if the Assessing Officer has conducted an enquiry and reached a lawful conclusion.

CIT cannot invoke Section 263 if the Assessing Officer has conducted an enquiry and reached a lawful conclusion. https://www.taxtmi.com/highlights?id=56860 Revision u/s 263 - It is well settled principle of law where A.O. has exercised quasi-judicial power vested in him in accordance with law and arrived at a conclusion and such a conclusion cannot be found to be erroneous simply because Commissioner does not feel satisfied with the conclusion. CIT ought not to have initiated proceedings u/s 263 of the Income Tax Act when already enquiry is made by the Assessing Officer. - AT en-us Tue, 23 Feb 2021 13:55:01 +0530 Tue, 23 Feb 2021 13:55:01 +0530 TaxTMI RSS Generator CIT cannot invoke Section 263 if the Assessing Officer has conducted an enquiry and reached a lawful conclusion. https://www.taxtmi.com/highlights?id=56860 Revision u/s 263 - It is well settled principle of law where A.O. has exercised quasi-judicial power vested in him in accordance with law and arrived at a conclusion and such a conclusion cannot be found to be erroneous simply because Commissioner does not feel satisfied with the conclusion. CIT ought not to have initiated proceedings u/s 263 of the Income Tax Act when already enquiry is made by the Assessing Officer. - AT Highlights Income Tax Tue, 23 Feb 2021 13:55:01 +0530 https://www.taxtmi.com/highlights?id=56860