https://www.taxtmi.com/caselaws?id=413352 The Tribunal allowed the appeal by the assessee, setting aside the revisional order of the PCIT under Section 263 of the Income Tax Act. The Tribunal found that the PCIT's assumption of jurisdiction was unfounded as the original assessment order was based on proper inquiries, and there was no demonstrated error or inadequacy in the assessment process. The Tribunal emphasized the importance of judicious exercise of revisional powers and the need for revisional orders to be supported by legal grounds and substantial evidence of errors. en-us Wed, 29 Sep 2021 00:00:00 +0530 Sat, 09 Oct 2021 08:20:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413352 The Tribunal allowed the appeal by the assessee, setting aside the revisional order of the PCIT under Section 263 of the Income Tax Act. The Tribunal found that the PCIT's assumption of jurisdiction was unfounded as the original assessment order was based on proper inquiries, and there was no demonstrated error or inadequacy in the assessment process. The Tribunal emphasized the importance of judicious exercise of revisional powers and the need for revisional orders to be supported by legal grounds and substantial evidence of errors. Case-Laws Income Tax Wed, 29 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413352