https://www.taxtmi.com/caselaws?id=418122 The tribunal quashed the Principal Commissioner of Income Tax's order under section 263, finding that the original assessment order was not erroneous or prejudicial to revenue. The tribunal held that the Assessing Officer had conducted adequate inquiries and verifications, including verifying sundry creditors, and that the extension of the limitation period for passing the order under section 263 was invalid. Consequently, the tribunal allowed the assessee's appeal and set aside the PCIT's order. en-us Thu, 25 Nov 2021 00:00:00 +0530 Wed, 09 Feb 2022 05:44:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418122 The tribunal quashed the Principal Commissioner of Income Tax's order under section 263, finding that the original assessment order was not erroneous or prejudicial to revenue. The tribunal held that the Assessing Officer had conducted adequate inquiries and verifications, including verifying sundry creditors, and that the extension of the limitation period for passing the order under section 263 was invalid. Consequently, the tribunal allowed the assessee's appeal and set aside the PCIT's order. Case-Laws Income Tax Thu, 25 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418122