https://www.taxtmi.com/caselaws?id=409300 The tribunal ruled in favor of the assessee, finding that the Principal Commissioner of Income Tax (PCIT) did not meet the criteria to invoke revisional jurisdiction under Section 263 of the Income Tax Act. The tribunal held that the PCIT's order was invalid as it did not demonstrate that the Assessing Officer's order was both erroneous and prejudicial to revenue. Additionally, the tribunal determined that the Assessing Officer had properly inquired into the source of investments in unlisted securities and had considered the disallowance under Section 14A, contrary to the PCIT's allegations. As a result, the tribunal quashed the PCIT's order and allowed the assessee's appeal. en-us Wed, 23 Jun 2021 00:00:00 +0530 Sat, 03 Jul 2021 18:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=409300 The tribunal ruled in favor of the assessee, finding that the Principal Commissioner of Income Tax (PCIT) did not meet the criteria to invoke revisional jurisdiction under Section 263 of the Income Tax Act. The tribunal held that the PCIT's order was invalid as it did not demonstrate that the Assessing Officer's order was both erroneous and prejudicial to revenue. Additionally, the tribunal determined that the Assessing Officer had properly inquired into the source of investments in unlisted securities and had considered the disallowance under Section 14A, contrary to the PCIT's allegations. As a result, the tribunal quashed the PCIT's order and allowed the assessee's appeal. Case-Laws Income Tax Wed, 23 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=409300