https://www.taxtmi.com/caselaws?id=413616 The Tribunal condoned the delay in filing the appeal and admitted it for disposal on merits. Regarding the disallowance under Rule 8D(2)(iii) of the Income-tax Act, the Tribunal emphasized the necessity of proving both error and prejudice to the Revenue for invoking section 263. The Tribunal suggested setting aside the assessment order for further review by the Principal Commissioner of Income-tax to determine if it was prejudicial to the Revenue's interest. Ultimately, the appeal was allowed for statistical purposes, underscoring the importance of meeting both criteria for revising an assessment order under section 263 of the Income-tax Act. en-us Fri, 08 Oct 2021 00:00:00 +0530 Sat, 16 Oct 2021 09:06:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413616 The Tribunal condoned the delay in filing the appeal and admitted it for disposal on merits. Regarding the disallowance under Rule 8D(2)(iii) of the Income-tax Act, the Tribunal emphasized the necessity of proving both error and prejudice to the Revenue for invoking section 263. The Tribunal suggested setting aside the assessment order for further review by the Principal Commissioner of Income-tax to determine if it was prejudicial to the Revenue's interest. Ultimately, the appeal was allowed for statistical purposes, underscoring the importance of meeting both criteria for revising an assessment order under section 263 of the Income-tax Act. Case-Laws Income Tax Fri, 08 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413616