https://www.taxtmi.com/caselaws?id=415235 The Tribunal set aside the order passed by the Principal Commissioner of Income Tax (PCIT) under section 263, allowing the appeal of the assessee. The Tribunal found that the PCIT wrongly assumed revisional jurisdiction as the twin conditions required for invoking section 263 were not satisfied. The Assessing Officer had taken a plausible view after examining the records, which was not deemed erroneous by the Tribunal. The decision emphasized the necessity of meeting statutory conditions before revising an assessment under section 263 of the Income Tax Act, 1961. en-us Fri, 08 Oct 2021 00:00:00 +0530 Wed, 01 Dec 2021 08:48:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=415235 The Tribunal set aside the order passed by the Principal Commissioner of Income Tax (PCIT) under section 263, allowing the appeal of the assessee. The Tribunal found that the PCIT wrongly assumed revisional jurisdiction as the twin conditions required for invoking section 263 were not satisfied. The Assessing Officer had taken a plausible view after examining the records, which was not deemed erroneous by the Tribunal. The decision emphasized the necessity of meeting statutory conditions before revising an assessment under section 263 of the Income Tax Act, 1961. Case-Laws Income Tax Fri, 08 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=415235