https://www.taxtmi.com/caselaws?id=417169 The Tribunal upheld the jurisdiction exercised by the Principal Commissioner of Income Tax (PCIT) under section 263, deeming the original assessment order erroneous and prejudicial to the interest of the Revenue due to the lack of proper enquiry into the expenses claimed under section 57(iii) of the Income Tax Act, 1961. The appeal of the assessee was dismissed, emphasizing the importance of thorough examination and verification of claims in tax assessments for compliance with the law. en-us Tue, 04 Jan 2022 00:00:00 +0530 Mon, 17 Jan 2022 08:57:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=417169 The Tribunal upheld the jurisdiction exercised by the Principal Commissioner of Income Tax (PCIT) under section 263, deeming the original assessment order erroneous and prejudicial to the interest of the Revenue due to the lack of proper enquiry into the expenses claimed under section 57(iii) of the Income Tax Act, 1961. The appeal of the assessee was dismissed, emphasizing the importance of thorough examination and verification of claims in tax assessments for compliance with the law. Case-Laws Income Tax Tue, 04 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=417169