https://www.taxtmi.com/caselaws?id=406341 The Tribunal held that the order passed by the Assessing Officer allowing the deduction for bad debts, software updation charges, and personal use expenses related to a vehicle was not erroneous or prejudicial to the interest of the Revenue. The Tribunal set aside the order of the Principal Commissioner of Income Tax and restored the order of the Assessing Officer, emphasizing that necessary inquiries were made, and the AO's decision was reasoned. The Tribunal clarified that disagreement alone does not warrant invoking section 263, stating that loss of revenue must meet specific criteria to be considered prejudicial to the Revenue's interests. en-us Thu, 08 Apr 2021 00:00:00 +0530 Mon, 12 Apr 2021 08:15:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=406341 The Tribunal held that the order passed by the Assessing Officer allowing the deduction for bad debts, software updation charges, and personal use expenses related to a vehicle was not erroneous or prejudicial to the interest of the Revenue. The Tribunal set aside the order of the Principal Commissioner of Income Tax and restored the order of the Assessing Officer, emphasizing that necessary inquiries were made, and the AO's decision was reasoned. The Tribunal clarified that disagreement alone does not warrant invoking section 263, stating that loss of revenue must meet specific criteria to be considered prejudicial to the Revenue's interests. Case-Laws Income Tax Thu, 08 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=406341