https://www.taxtmi.com/caselaws?id=411585 The Tribunal held that the Principal Commissioner of Income Tax (PCIT) erred in assuming jurisdiction under Section 263 of the Income Tax Act without valid grounds. The assessment order was found to be neither erroneous nor prejudicial to revenue. The PCIT's decision was overturned, and the AO's conclusions were upheld, emphasizing that PCIT cannot intervene based solely on a difference in opinion. The Tribunal stressed that once the AO has considered an issue, PCIT cannot invoke Section 263 to re-examine already verified matters. en-us Mon, 23 Aug 2021 00:00:00 +0530 Sat, 28 Aug 2021 16:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=411585 The Tribunal held that the Principal Commissioner of Income Tax (PCIT) erred in assuming jurisdiction under Section 263 of the Income Tax Act without valid grounds. The assessment order was found to be neither erroneous nor prejudicial to revenue. The PCIT's decision was overturned, and the AO's conclusions were upheld, emphasizing that PCIT cannot intervene based solely on a difference in opinion. The Tribunal stressed that once the AO has considered an issue, PCIT cannot invoke Section 263 to re-examine already verified matters. Case-Laws Income Tax Mon, 23 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=411585