https://www.taxtmi.com/caselaws?id=412186 The Tribunal allowed the appeal of the assessee, holding that the jurisdiction assumed by the Principal Commissioner of Income Tax (PCIT) under Section 263 was not sustainable. The Tribunal found the Assessing Officer's view on the eligibility of deduction under Section 54F to be consistent with judicial precedents, leading to the cancellation of the PCIT's revisional order and upholding of the AO's assessment order. The Tribunal also rejected the PCIT's claim of the AO's failure to initiate penalty proceedings under Section 271(1)(c) due to the favorable resolution of the primary deduction issue. en-us Mon, 06 Sep 2021 00:00:00 +0530 Mon, 13 Sep 2021 13:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=412186 The Tribunal allowed the appeal of the assessee, holding that the jurisdiction assumed by the Principal Commissioner of Income Tax (PCIT) under Section 263 was not sustainable. The Tribunal found the Assessing Officer's view on the eligibility of deduction under Section 54F to be consistent with judicial precedents, leading to the cancellation of the PCIT's revisional order and upholding of the AO's assessment order. The Tribunal also rejected the PCIT's claim of the AO's failure to initiate penalty proceedings under Section 271(1)(c) due to the favorable resolution of the primary deduction issue. Case-Laws Income Tax Mon, 06 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=412186