https://www.taxtmi.com/caselaws?id=412511 The Tribunal quashed the order passed by the Principal Commissioner of Income Tax under Section 263, holding that the Assessing Officer had conducted proper inquiries and verifications. The Tribunal found that the Principal Commissioner's action was based on a change of opinion, which is impermissible under Section 263. It was emphasized that the Assessing Officer had taken a permissible legal view, and disagreement by the Principal Commissioner did not render the Assessing Officer's order erroneous or prejudicial to Revenue. Consequently, the appeal of the assessee was allowed. en-us Wed, 15 Sep 2021 00:00:00 +0530 Thu, 30 Dec 2021 15:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=412511 The Tribunal quashed the order passed by the Principal Commissioner of Income Tax under Section 263, holding that the Assessing Officer had conducted proper inquiries and verifications. The Tribunal found that the Principal Commissioner's action was based on a change of opinion, which is impermissible under Section 263. It was emphasized that the Assessing Officer had taken a permissible legal view, and disagreement by the Principal Commissioner did not render the Assessing Officer's order erroneous or prejudicial to Revenue. Consequently, the appeal of the assessee was allowed. Case-Laws Income Tax Wed, 15 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=412511