https://www.taxtmi.com/caselaws?id=300380 The Tribunal quashed the order passed by the Principal Commissioner of Income Tax (PCIT) under Section 263, holding that the original assessment order was not erroneous or prejudicial to revenue. It found the Assessing Officer (AO) had conducted sufficient inquiries and that the PCIT's differing opinion did not warrant revision. The Tribunal emphasized that the PCIT's claims lacked substantiation and that the AO had appropriately considered evidence. The appeals of the assessees were allowed, with the Tribunal's decision applying to all related appeals. en-us Thu, 30 Sep 2021 00:00:00 +0530 Fri, 28 Jan 2022 19:40:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=300380 The Tribunal quashed the order passed by the Principal Commissioner of Income Tax (PCIT) under Section 263, holding that the original assessment order was not erroneous or prejudicial to revenue. It found the Assessing Officer (AO) had conducted sufficient inquiries and that the PCIT's differing opinion did not warrant revision. The Tribunal emphasized that the PCIT's claims lacked substantiation and that the AO had appropriately considered evidence. The appeals of the assessees were allowed, with the Tribunal's decision applying to all related appeals. Case-Laws Income Tax Thu, 30 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=300380