https://www.taxtmi.com/caselaws?id=299707 The High Court upheld the Tribunal's decision, dismissing the appeal and ruling in favor of the respondent-assessee. The Court emphasized the importance of detailed inquiries by the Assessing Officer and the limitations of invoking Section 263 of the Income Tax Act, stating that it cannot be used to correct every mistake unless the order is clearly erroneous and prejudicial to revenue. The judgment highlighted that the AO's opinion was plausible and sustainable in law, leading to the dismissal of the appeal with no costs awarded. en-us Thu, 21 Aug 2014 00:00:00 +0530 Sun, 26 Dec 2021 09:28:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=299707 The High Court upheld the Tribunal's decision, dismissing the appeal and ruling in favor of the respondent-assessee. The Court emphasized the importance of detailed inquiries by the Assessing Officer and the limitations of invoking Section 263 of the Income Tax Act, stating that it cannot be used to correct every mistake unless the order is clearly erroneous and prejudicial to revenue. The judgment highlighted that the AO's opinion was plausible and sustainable in law, leading to the dismissal of the appeal with no costs awarded. Case-Laws Income Tax Thu, 21 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=299707