https://www.taxtmi.com/caselaws?id=410327 The Tribunal allowed the appeals filed by the assessee, setting aside the orders passed under Section 263 by the Pr.CIT. The Tribunal concluded that the A.O.'s order was based on a possible and reasonable view, considering the long litigation history and the mutual understanding between the assessee and the loan creditors. The Tribunal found no specific error in the A.O.'s order and emphasized that the Pr.CIT's action of revising the order without conducting an enquiry was not justified. en-us Thu, 17 Jun 2021 00:00:00 +0530 Thu, 29 Jul 2021 12:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=410327 The Tribunal allowed the appeals filed by the assessee, setting aside the orders passed under Section 263 by the Pr.CIT. The Tribunal concluded that the A.O.'s order was based on a possible and reasonable view, considering the long litigation history and the mutual understanding between the assessee and the loan creditors. The Tribunal found no specific error in the A.O.'s order and emphasized that the Pr.CIT's action of revising the order without conducting an enquiry was not justified. Case-Laws Income Tax Thu, 17 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=410327