https://www.taxtmi.com/caselaws?id=405614 The Tribunal upheld the Principal Commissioner of Income Tax's jurisdiction under Section 263 of the Income Tax Act, setting aside the assessment order for a de novo assessment due to alleged non-application of mind by the Assessing Officer. The revisional order was deemed valid as the assessment was found to be mechanical without proper inquiries. The failure to comply with Section 10(2A) regarding income exemption and the AO's lack of examination on crucial aspects led to the assessment order being considered erroneous and prejudicial to the Revenue. The appeal was dismissed, affirming the Pr.CIT's actions under Section 263. en-us Mon, 22 Mar 2021 00:00:00 +0530 Wed, 24 Mar 2021 09:07:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405614 The Tribunal upheld the Principal Commissioner of Income Tax's jurisdiction under Section 263 of the Income Tax Act, setting aside the assessment order for a de novo assessment due to alleged non-application of mind by the Assessing Officer. The revisional order was deemed valid as the assessment was found to be mechanical without proper inquiries. The failure to comply with Section 10(2A) regarding income exemption and the AO's lack of examination on crucial aspects led to the assessment order being considered erroneous and prejudicial to the Revenue. The appeal was dismissed, affirming the Pr.CIT's actions under Section 263. Case-Laws Income Tax Mon, 22 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405614