https://www.taxtmi.com/caselaws?id=300273 The Tribunal quashed the Principal Commissioner of Income Tax's order under Section 263, ruling that the Assessing Officer had conducted thorough inquiries and verifications, and the assessment order was not erroneous or prejudicial to the Revenue. The Tribunal found that the invoking of Explanation 2(a) of Section 263 was inappropriate as the AO had properly examined the relevant documents during the assessment proceedings. Additionally, the Tribunal criticized the lack of procedural fairness in the Principal Commissioner's order and emphasized that the property's subsequent use by a tenant was irrelevant to its eligibility for Section 54F deduction. The assessee's appeal was successful. en-us Mon, 08 Oct 2018 00:00:00 +0530 Thu, 20 Jan 2022 20:31:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=300273 The Tribunal quashed the Principal Commissioner of Income Tax's order under Section 263, ruling that the Assessing Officer had conducted thorough inquiries and verifications, and the assessment order was not erroneous or prejudicial to the Revenue. The Tribunal found that the invoking of Explanation 2(a) of Section 263 was inappropriate as the AO had properly examined the relevant documents during the assessment proceedings. Additionally, the Tribunal criticized the lack of procedural fairness in the Principal Commissioner's order and emphasized that the property's subsequent use by a tenant was irrelevant to its eligibility for Section 54F deduction. The assessee's appeal was successful. Case-Laws Income Tax Mon, 08 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=300273