https://www.taxtmi.com/caselaws?id=417856 The Tribunal allowed the assessee's appeals, reversing the PCIT's revision orders for AYs 2011-12 & 2012-13 under Section 263 of the Income Tax Act, 1961. The Tribunal found that the PCIT erred in exercising revision jurisdiction as the issues raised were not substantial, considering the estimation of the assessee's gross receipts. Citing legal precedents, including Indwell Constructions Vs. CIT and Malabar Industrial Co. Vs. CIT, the Tribunal concluded that the actions were not both erroneous and prejudicial to the Revenue's interest, thus invalidating the PCIT's revision directions. en-us Mon, 24 Jan 2022 00:00:00 +0530 Thu, 03 Feb 2022 07:35:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=417856 The Tribunal allowed the assessee's appeals, reversing the PCIT's revision orders for AYs 2011-12 & 2012-13 under Section 263 of the Income Tax Act, 1961. The Tribunal found that the PCIT erred in exercising revision jurisdiction as the issues raised were not substantial, considering the estimation of the assessee's gross receipts. Citing legal precedents, including Indwell Constructions Vs. CIT and Malabar Industrial Co. Vs. CIT, the Tribunal concluded that the actions were not both erroneous and prejudicial to the Revenue's interest, thus invalidating the PCIT's revision directions. Case-Laws Income Tax Mon, 24 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=417856