https://www.taxtmi.com/caselaws?id=410349 The Tribunal ruled in favor of the assessee, setting aside the revisional order issued by the Principal Commissioner of Income Tax. The Tribunal found that the original assessment by the Assessing Officer was reasonable and based on proper inquiries. It concluded that the revisional jurisdiction was improperly exercised as it sought to substitute the AO's view with that of the Principal Commissioner, contrary to the purpose of Section 263. The Tribunal emphasized that a plausible view taken by the AO cannot be considered erroneous, ultimately allowing the assessee's appeal. en-us Tue, 27 Jul 2021 00:00:00 +0530 Fri, 30 Jul 2021 09:09:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=410349 The Tribunal ruled in favor of the assessee, setting aside the revisional order issued by the Principal Commissioner of Income Tax. The Tribunal found that the original assessment by the Assessing Officer was reasonable and based on proper inquiries. It concluded that the revisional jurisdiction was improperly exercised as it sought to substitute the AO's view with that of the Principal Commissioner, contrary to the purpose of Section 263. The Tribunal emphasized that a plausible view taken by the AO cannot be considered erroneous, ultimately allowing the assessee's appeal. Case-Laws Income Tax Tue, 27 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=410349