https://www.taxtmi.com/caselaws?id=414546 The Tribunal allowed the appeal, setting aside the order passed by the ld. CIT under section 263 of the Income-tax Act. The revision initiated on the basis of a proposal from the AO, without the CIT independently examining the record, was deemed a jurisdictional deficit, rendering the order invalid. The Tribunal emphasized the importance of the CIT's exclusive power to revise assessments under section 263, ensuring compliance with statutory provisions and safeguarding both the assessee and revenue interests. en-us Tue, 02 Nov 2021 00:00:00 +0530 Wed, 10 Nov 2021 07:02:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=414546 The Tribunal allowed the appeal, setting aside the order passed by the ld. CIT under section 263 of the Income-tax Act. The revision initiated on the basis of a proposal from the AO, without the CIT independently examining the record, was deemed a jurisdictional deficit, rendering the order invalid. The Tribunal emphasized the importance of the CIT's exclusive power to revise assessments under section 263, ensuring compliance with statutory provisions and safeguarding both the assessee and revenue interests. Case-Laws Income Tax Tue, 02 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=414546