https://www.taxtmi.com/caselaws?id=416882 The Tribunal ruled in favor of the assessee, setting aside the Principal Commissioner of Income Tax's invocation of Section 263. The Tribunal found that the original assessment order was not erroneous or prejudicial to the revenue, as the Assessing Officer had conducted adequate inquiries and verifications. Additionally, the Tribunal accepted the assessee's arguments on the application of Section 115BBE and the permissibility of set-offs against business losses, ultimately upholding the original assessment order. en-us Fri, 07 Jan 2022 00:00:00 +0530 Mon, 10 Jan 2022 19:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=416882 The Tribunal ruled in favor of the assessee, setting aside the Principal Commissioner of Income Tax's invocation of Section 263. The Tribunal found that the original assessment order was not erroneous or prejudicial to the revenue, as the Assessing Officer had conducted adequate inquiries and verifications. Additionally, the Tribunal accepted the assessee's arguments on the application of Section 115BBE and the permissibility of set-offs against business losses, ultimately upholding the original assessment order. Case-Laws Income Tax Fri, 07 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=416882