https://www.taxtmi.com/caselaws?id=407605 The Tribunal allowed the assessee's appeal, quashing the Principal Commissioner of Income Tax's order under section 263. The Tribunal held that as the assessee did not claim the expenditure as a deduction, there was no prejudice to the Revenue. The Tribunal emphasized that the AO's decision could not be considered erroneous solely based on the Pr.CIT's dissatisfaction. The Pr.CIT's order was deemed unsustainable for not addressing the specific plea of the assessee. Consequently, the appeal was allowed, and the Pr.CIT's order was set aside. en-us Thu, 13 May 2021 00:00:00 +0530 Sat, 15 May 2021 08:27:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=407605 The Tribunal allowed the assessee's appeal, quashing the Principal Commissioner of Income Tax's order under section 263. The Tribunal held that as the assessee did not claim the expenditure as a deduction, there was no prejudice to the Revenue. The Tribunal emphasized that the AO's decision could not be considered erroneous solely based on the Pr.CIT's dissatisfaction. The Pr.CIT's order was deemed unsustainable for not addressing the specific plea of the assessee. Consequently, the appeal was allowed, and the Pr.CIT's order was set aside. Case-Laws Income Tax Thu, 13 May 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=407605