https://www.taxtmi.com/caselaws?id=409136 The ITAT Delhi allowed the appeal of the assessee, setting aside the order passed by the Principal Commissioner of Income Tax under Section 263 of the Income Tax Act, 1961 for the assessment year 2014-15. The tribunal found that the AO had conducted proper inquiries during assessment proceedings, and the explanations provided by the assessee were supported by relevant documentation, leading to the conclusion that invoking Section 263 was unwarranted. The tribunal emphasized that not every loss of revenue constitutes an erroneous order prejudicial to revenue, ultimately ruling in favor of the assessee. en-us Tue, 29 Jun 2021 00:00:00 +0530 Wed, 30 Jun 2021 08:22:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=409136 The ITAT Delhi allowed the appeal of the assessee, setting aside the order passed by the Principal Commissioner of Income Tax under Section 263 of the Income Tax Act, 1961 for the assessment year 2014-15. The tribunal found that the AO had conducted proper inquiries during assessment proceedings, and the explanations provided by the assessee were supported by relevant documentation, leading to the conclusion that invoking Section 263 was unwarranted. The tribunal emphasized that not every loss of revenue constitutes an erroneous order prejudicial to revenue, ultimately ruling in favor of the assessee. Case-Laws Income Tax Tue, 29 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=409136