https://www.taxtmi.com/caselaws?id=413729 The Tribunal allowed the assessee's appeal, setting aside the Principal Commissioner of Income Tax's (PCIT) order under Section 263. It held that the Assessing Officer (AO) had properly verified the loan settlements as directed by the ITAT. The Tribunal found the PCIT's revision of the AO's order unjustified, stating that the AO's decision was reasonable and based on a possible view. The PCIT's doubts alone were deemed insufficient to declare the AO's order as erroneous or prejudicial to the Revenue's interest. en-us Wed, 29 Sep 2021 00:00:00 +0530 Tue, 19 Oct 2021 08:23:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413729 The Tribunal allowed the assessee's appeal, setting aside the Principal Commissioner of Income Tax's (PCIT) order under Section 263. It held that the Assessing Officer (AO) had properly verified the loan settlements as directed by the ITAT. The Tribunal found the PCIT's revision of the AO's order unjustified, stating that the AO's decision was reasonable and based on a possible view. The PCIT's doubts alone were deemed insufficient to declare the AO's order as erroneous or prejudicial to the Revenue's interest. Case-Laws Income Tax Wed, 29 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413729