https://www.taxtmi.com/caselaws?id=411274 The tribunal allowed the appeal filed by the assessee, emphasizing the importance of a thorough examination of facts and adherence to legal principles in tax assessments. The Principal CIT's revision order under section 263 was quashed as the assessment order was found to neither be erroneous nor prejudicial to revenue. The tribunal highlighted the necessity for twin conditions to be met for the Principal CIT to exercise jurisdiction under section 263, citing legal precedents including the case of M/s. Malabar Industries Co. Ltd. vs. CIT. en-us Mon, 09 Aug 2021 00:00:00 +0530 Sat, 21 Aug 2021 08:32:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=411274 The tribunal allowed the appeal filed by the assessee, emphasizing the importance of a thorough examination of facts and adherence to legal principles in tax assessments. The Principal CIT's revision order under section 263 was quashed as the assessment order was found to neither be erroneous nor prejudicial to revenue. The tribunal highlighted the necessity for twin conditions to be met for the Principal CIT to exercise jurisdiction under section 263, citing legal precedents including the case of M/s. Malabar Industries Co. Ltd. vs. CIT. Case-Laws Income Tax Mon, 09 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=411274