https://www.taxtmi.com/caselaws?id=406968 The Tribunal held that the Principal Commissioner of Income Tax (Pr. CIT) lacked jurisdiction under Section 263 of the Income-tax Act, as the order was based on the Assessing Officer's proposal, which is impermissible. The Tribunal emphasized the need for independent examination by the Pr. CIT and found the order to be legally untenable. Additionally, it determined that the Assessing Officer had conducted a thorough enquiry regarding Long Term Capital Gain on shares, contrary to the Pr. CIT's claim. The Tribunal quashed the Pr. CIT's order for violating principles of natural justice and lack of jurisdiction, allowing the assessee's appeal. en-us Wed, 21 Apr 2021 00:00:00 +0530 Tue, 27 Apr 2021 12:17:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=406968 The Tribunal held that the Principal Commissioner of Income Tax (Pr. CIT) lacked jurisdiction under Section 263 of the Income-tax Act, as the order was based on the Assessing Officer's proposal, which is impermissible. The Tribunal emphasized the need for independent examination by the Pr. CIT and found the order to be legally untenable. Additionally, it determined that the Assessing Officer had conducted a thorough enquiry regarding Long Term Capital Gain on shares, contrary to the Pr. CIT's claim. The Tribunal quashed the Pr. CIT's order for violating principles of natural justice and lack of jurisdiction, allowing the assessee's appeal. Case-Laws Income Tax Wed, 21 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=406968