https://www.taxtmi.com/caselaws?id=415249 The Tribunal set aside the order passed under section 263 of the Income Tax Act, restoring the assessment order for the assessment year 2015-16. It found the assessee's transaction involving a penny stock company to be legitimate, emphasizing the importance of concrete evidence and thorough examination before invoking revisional jurisdiction. The decision underscores that a plausible view by the Assessing Officer supported by valid documentation is not erroneous solely based on differing opinions, ensuring fair treatment of taxpayers and upholding principles of natural justice in tax assessments. en-us Tue, 23 Nov 2021 00:00:00 +0530 Wed, 01 Dec 2021 08:49:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=415249 The Tribunal set aside the order passed under section 263 of the Income Tax Act, restoring the assessment order for the assessment year 2015-16. It found the assessee's transaction involving a penny stock company to be legitimate, emphasizing the importance of concrete evidence and thorough examination before invoking revisional jurisdiction. The decision underscores that a plausible view by the Assessing Officer supported by valid documentation is not erroneous solely based on differing opinions, ensuring fair treatment of taxpayers and upholding principles of natural justice in tax assessments. Case-Laws Income Tax Tue, 23 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=415249