https://www.taxtmi.com/caselaws?id=418066 The Tribunal held that the Principal Commissioner's order under section 263 of the Income Tax Act was invalid as it exceeded their power, and the order passed by the Assessing Officer was in compliance with Tribunal directions. Consequently, the appeals filed by the assessee challenging the orders under section 263 were allowed. The Assessing Officer's failure to verify the society's claim for exemption under section 10(23C) was deemed prejudicial to revenue, leading to the cancellation of orders under section 263 and upholding of the Assessing Officer's orders, granting the society exemption. en-us Mon, 20 Dec 2021 00:00:00 +0530 Tue, 08 Feb 2022 06:54:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418066 The Tribunal held that the Principal Commissioner's order under section 263 of the Income Tax Act was invalid as it exceeded their power, and the order passed by the Assessing Officer was in compliance with Tribunal directions. Consequently, the appeals filed by the assessee challenging the orders under section 263 were allowed. The Assessing Officer's failure to verify the society's claim for exemption under section 10(23C) was deemed prejudicial to revenue, leading to the cancellation of orders under section 263 and upholding of the Assessing Officer's orders, granting the society exemption. Case-Laws Income Tax Mon, 20 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418066