https://www.taxtmi.com/caselaws?id=404621 The High Court remitted the case back to the Tribunal for fresh consideration as it emphasized the need for factual adjudication in determining the correctness of the Assessing Officer's order and jurisdiction under Section 263 of the Income Tax Act. The Court highlighted that the mere loss of revenue does not render an order prejudicial, and if the Assessing Officer's interpretation is plausible, it cannot be deemed erroneous. The case focused on the importance of thoroughly examining facts before making decisions in tax matters. en-us Wed, 17 Feb 2021 00:00:00 +0530 Fri, 26 Feb 2021 09:44:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=404621 The High Court remitted the case back to the Tribunal for fresh consideration as it emphasized the need for factual adjudication in determining the correctness of the Assessing Officer's order and jurisdiction under Section 263 of the Income Tax Act. The Court highlighted that the mere loss of revenue does not render an order prejudicial, and if the Assessing Officer's interpretation is plausible, it cannot be deemed erroneous. The case focused on the importance of thoroughly examining facts before making decisions in tax matters. Case-Laws Income Tax Wed, 17 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=404621