https://www.taxtmi.com/caselaws?id=411587 The Tribunal ruled in favor of the assessee, finding that the Principal Commissioner of Income Tax's invocation of Section 263 was unwarranted. The Tribunal determined that the Assessing Officer had appropriately considered and addressed the issues during the original assessment, including disallowances under Sections 40(a)(ia) and 40A(3). The Tribunal held that the AO's orders were not erroneous or prejudicial to the Revenue's interest, citing judicial precedents to support its decision. As a result, the Tribunal canceled the PCIT's revisional orders for the assessment years in question and allowed the assessee's appeals. en-us Mon, 23 Aug 2021 00:00:00 +0530 Sat, 28 Aug 2021 09:22:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=411587 The Tribunal ruled in favor of the assessee, finding that the Principal Commissioner of Income Tax's invocation of Section 263 was unwarranted. The Tribunal determined that the Assessing Officer had appropriately considered and addressed the issues during the original assessment, including disallowances under Sections 40(a)(ia) and 40A(3). The Tribunal held that the AO's orders were not erroneous or prejudicial to the Revenue's interest, citing judicial precedents to support its decision. As a result, the Tribunal canceled the PCIT's revisional orders for the assessment years in question and allowed the assessee's appeals. Case-Laws Income Tax Mon, 23 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=411587