https://www.taxtmi.com/caselaws?id=414480 The Tribunal set aside the Principal Commissioner of Income Tax's order under section 263 and upheld the Assessing Officer's original order, ruling that technical breaches without revenue prejudice do not warrant invoking section 263. The decision favored the assessee, emphasizing that the share premium was appropriately verified, and the provisions of section 56(2)(viib) were not applicable. Consequently, the Tribunal found that the Assessing Officer's order was not erroneous or prejudicial to the interest of the revenue, allowing the assessee's appeal. en-us Mon, 01 Nov 2021 00:00:00 +0530 Tue, 09 Nov 2021 08:31:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=414480 The Tribunal set aside the Principal Commissioner of Income Tax's order under section 263 and upheld the Assessing Officer's original order, ruling that technical breaches without revenue prejudice do not warrant invoking section 263. The decision favored the assessee, emphasizing that the share premium was appropriately verified, and the provisions of section 56(2)(viib) were not applicable. Consequently, the Tribunal found that the Assessing Officer's order was not erroneous or prejudicial to the interest of the revenue, allowing the assessee's appeal. Case-Laws Income Tax Mon, 01 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=414480