https://www.taxtmi.com/caselaws?id=407137 The Tribunal held that the assessment order passed by the Assessing Officer (A.O.) was not erroneous or prejudicial to the interest of the Revenue. The Principal Commissioner of Income Tax (Pr. CIT) had exceeded jurisdiction under Section 263 of the Income Tax Act, 1961. The Tribunal found that proper enquiries were conducted by the A.O. regarding the share premium received by the assessee, and the assessment order was upheld. The Pr. CIT's revisionary powers were deemed unjustified, and the appeal of the assessee was allowed, leading to the restoration of the original assessment order. en-us Mon, 19 Apr 2021 00:00:00 +0530 Fri, 30 Apr 2021 20:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=407137 The Tribunal held that the assessment order passed by the Assessing Officer (A.O.) was not erroneous or prejudicial to the interest of the Revenue. The Principal Commissioner of Income Tax (Pr. CIT) had exceeded jurisdiction under Section 263 of the Income Tax Act, 1961. The Tribunal found that proper enquiries were conducted by the A.O. regarding the share premium received by the assessee, and the assessment order was upheld. The Pr. CIT's revisionary powers were deemed unjustified, and the appeal of the assessee was allowed, leading to the restoration of the original assessment order. Case-Laws Income Tax Mon, 19 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=407137