https://www.taxtmi.com/caselaws?id=413821 The Tribunal allowed the assessee's appeal, setting aside the revisional order of the Principal Commissioner of Income Tax (PCIT) under section 263 of the Income Tax Act for Assessment Year 2015-16. The Tribunal found the PCIT's actions unjustified, emphasizing the lack of revenue prejudice from discrepancies in turnover, increased expenses, and unverified loan transactions. Despite procedural flaws in providing the assessee an opportunity to respond, the Tribunal quashed the revisional order, underscoring the necessity for justified revisional actions and proper assessment directives. en-us Mon, 11 Oct 2021 00:00:00 +0530 Thu, 21 Oct 2021 08:18:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413821 The Tribunal allowed the assessee's appeal, setting aside the revisional order of the Principal Commissioner of Income Tax (PCIT) under section 263 of the Income Tax Act for Assessment Year 2015-16. The Tribunal found the PCIT's actions unjustified, emphasizing the lack of revenue prejudice from discrepancies in turnover, increased expenses, and unverified loan transactions. Despite procedural flaws in providing the assessee an opportunity to respond, the Tribunal quashed the revisional order, underscoring the necessity for justified revisional actions and proper assessment directives. Case-Laws Income Tax Mon, 11 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413821