https://www.taxtmi.com/caselaws?id=408547 The Tribunal allowed the appeal filed by the partnership firm engaged in the business of builder and developer, setting aside the Principal Commissioner's order under section 263 of the Income Tax Act, 1961. The Tribunal found that the Assessing Officer had appropriately considered the submissions and verified the claims before passing the assessment order, concluding that there was no loss of revenue to the Income Tax department. Therefore, the Tribunal held that the Assessing Officer's order was not erroneous or prejudicial to the interest of revenue, leading to the quashing of the revision order by the Principal Commissioner. en-us Mon, 03 May 2021 00:00:00 +0530 Tue, 15 Jun 2021 07:49:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408547 The Tribunal allowed the appeal filed by the partnership firm engaged in the business of builder and developer, setting aside the Principal Commissioner's order under section 263 of the Income Tax Act, 1961. The Tribunal found that the Assessing Officer had appropriately considered the submissions and verified the claims before passing the assessment order, concluding that there was no loss of revenue to the Income Tax department. Therefore, the Tribunal held that the Assessing Officer's order was not erroneous or prejudicial to the interest of revenue, leading to the quashing of the revision order by the Principal Commissioner. Case-Laws Income Tax Mon, 03 May 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408547