https://www.taxtmi.com/caselaws?id=415923 The Tribunal quashed the PCIT's order under section 263, holding that the AO's original assessment was neither erroneous nor prejudicial to the revenue. The assessee's appeal was allowed, affirming the eligibility for deduction under section 54B. The Tribunal emphasized that the AO had conducted a proper inquiry and applied his mind before allowing the deduction, thus the revisionary order was not justified. The decision relied on established legal principles and precedents, ensuring that the assessee's rights were upheld in accordance with the law. en-us Tue, 09 Nov 2021 00:00:00 +0530 Fri, 17 Dec 2021 08:52:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=415923 The Tribunal quashed the PCIT's order under section 263, holding that the AO's original assessment was neither erroneous nor prejudicial to the revenue. The assessee's appeal was allowed, affirming the eligibility for deduction under section 54B. The Tribunal emphasized that the AO had conducted a proper inquiry and applied his mind before allowing the deduction, thus the revisionary order was not justified. The decision relied on established legal principles and precedents, ensuring that the assessee's rights were upheld in accordance with the law. Case-Laws Income Tax Tue, 09 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=415923