https://www.taxtmi.com/caselaws?id=408463 The tribunal ruled in favor of the assessee, holding that the Principal Commissioner of Income Tax (PCIT) improperly assumed revisionary jurisdiction under section 263 of the Income Tax Act. The tribunal found that the assessment framed by the Assessing Officer (AO) was valid, as there was no incriminating evidence found during the search. The tribunal emphasized the finality of assessments and limitations on revising orders under section 263. As a result, the tribunal allowed the appeal, quashed the PCIT's order under section 263, and upheld the validity of the assessment under section 143(3) r.w.s. 153A of the Act. en-us Mon, 07 Jun 2021 00:00:00 +0530 Fri, 11 Jun 2021 08:49:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408463 The tribunal ruled in favor of the assessee, holding that the Principal Commissioner of Income Tax (PCIT) improperly assumed revisionary jurisdiction under section 263 of the Income Tax Act. The tribunal found that the assessment framed by the Assessing Officer (AO) was valid, as there was no incriminating evidence found during the search. The tribunal emphasized the finality of assessments and limitations on revising orders under section 263. As a result, the tribunal allowed the appeal, quashed the PCIT's order under section 263, and upheld the validity of the assessment under section 143(3) r.w.s. 153A of the Act. Case-Laws Income Tax Mon, 07 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408463