https://www.taxtmi.com/caselaws?id=408272 The Tribunal held that the Assessing Officer (AO) did not err in allowing the expenses claimed against the disclosed 'on money' income, as he had conducted a detailed examination and applied his mind. The Principal Commissioner of Income Tax's (PCIT) invocation of section 263 was deemed unjustified, as the AO's order was not erroneous or prejudicial to the Revenue's interest. Consequently, the Tribunal quashed the PCIT's order and allowed the appeals of the assessees. en-us Thu, 27 May 2021 00:00:00 +0530 Sat, 05 Jun 2021 15:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408272 The Tribunal held that the Assessing Officer (AO) did not err in allowing the expenses claimed against the disclosed 'on money' income, as he had conducted a detailed examination and applied his mind. The Principal Commissioner of Income Tax's (PCIT) invocation of section 263 was deemed unjustified, as the AO's order was not erroneous or prejudicial to the Revenue's interest. Consequently, the Tribunal quashed the PCIT's order and allowed the appeals of the assessees. Case-Laws Income Tax Thu, 27 May 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408272