https://www.taxtmi.com/caselaws?id=417733 The Tribunal held that the Principal Commissioner of Income Tax (PCIT) lacked jurisdiction to revise assessment orders under Section 263 as the Assessing Officer (AO) had complied with statutory provisions and followed the Transfer Pricing Officer's (TPO) determinations. The Tribunal found the royalty payments for models other than 3DX were adequately examined and accepted as arm's length. Consequently, the Tribunal allowed the appeals, setting aside the Section 263 orders and restoring the assessment orders. The PCIT's assumption of jurisdiction was deemed invalid due to lack of authority to revise the TPO's order. en-us Wed, 19 Jan 2022 00:00:00 +0530 Mon, 31 Jan 2022 07:19:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=417733 The Tribunal held that the Principal Commissioner of Income Tax (PCIT) lacked jurisdiction to revise assessment orders under Section 263 as the Assessing Officer (AO) had complied with statutory provisions and followed the Transfer Pricing Officer's (TPO) determinations. The Tribunal found the royalty payments for models other than 3DX were adequately examined and accepted as arm's length. Consequently, the Tribunal allowed the appeals, setting aside the Section 263 orders and restoring the assessment orders. The PCIT's assumption of jurisdiction was deemed invalid due to lack of authority to revise the TPO's order. Case-Laws Income Tax Wed, 19 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=417733