https://www.taxtmi.com/caselaws?id=295247 The Tribunal quashed the CIT's order under Section 263, finding that the Assessing Officer's assessment was not erroneous or prejudicial to the Revenue's interest. The Tribunal held that proper inquiries were made, and the assessee's explanations were considered. Additionally, previous judicial decisions favored the assessee on similar issues. Consequently, the Tribunal ruled in favor of the assessee on all counts, overturning the CIT's decision. en-us Thu, 02 Feb 2017 00:00:00 +0530 Wed, 26 May 2021 08:40:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=295247 The Tribunal quashed the CIT's order under Section 263, finding that the Assessing Officer's assessment was not erroneous or prejudicial to the Revenue's interest. The Tribunal held that proper inquiries were made, and the assessee's explanations were considered. Additionally, previous judicial decisions favored the assessee on similar issues. Consequently, the Tribunal ruled in favor of the assessee on all counts, overturning the CIT's decision. Case-Laws Income Tax Thu, 02 Feb 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=295247