https://www.taxtmi.com/caselaws?id=405669 The Tribunal set aside the Principal Commissioner of Income Tax's order under Section 263, finding that the Assessing Officer had properly verified the details and allowed deductions under Sections 54B and 54F after conducting necessary enquiries. The Tribunal held that the Principal Commissioner could not invoke Section 263 solely based on disagreement with the Assessing Officer's view unless it was unsustainable in law. The invocation of Explanation 2(a) to Section 263 was deemed unjustified, and the assessee's appeal was allowed. en-us Thu, 18 Mar 2021 00:00:00 +0530 Thu, 25 Mar 2021 09:32:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405669 The Tribunal set aside the Principal Commissioner of Income Tax's order under Section 263, finding that the Assessing Officer had properly verified the details and allowed deductions under Sections 54B and 54F after conducting necessary enquiries. The Tribunal held that the Principal Commissioner could not invoke Section 263 solely based on disagreement with the Assessing Officer's view unless it was unsustainable in law. The invocation of Explanation 2(a) to Section 263 was deemed unjustified, and the assessee's appeal was allowed. Case-Laws Income Tax Thu, 18 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405669