https://www.taxtmi.com/caselaws?id=418146 The High Court of Calcutta condoned a delay of 299 days in filing an appeal, accepting the reasons provided. The Tribunal held that the Principal Commissioner of Income Tax was not justified in invoking power under Section 263 without conducting independent verification, emphasizing that inadequate inquiry cannot warrant revisionary power. The Tribunal found that the reasons for reopening assessment and initiating Section 263 proceedings were identical, with no new material. Relying on legal precedent, the Tribunal ruled in favor of the assessee, dismissing the appeal and affirming relief granted, as the PCIT lacked sufficient grounds to revise the reassessment order. en-us Tue, 25 Jan 2022 00:00:00 +0530 Wed, 09 Feb 2022 05:45:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418146 The High Court of Calcutta condoned a delay of 299 days in filing an appeal, accepting the reasons provided. The Tribunal held that the Principal Commissioner of Income Tax was not justified in invoking power under Section 263 without conducting independent verification, emphasizing that inadequate inquiry cannot warrant revisionary power. The Tribunal found that the reasons for reopening assessment and initiating Section 263 proceedings were identical, with no new material. Relying on legal precedent, the Tribunal ruled in favor of the assessee, dismissing the appeal and affirming relief granted, as the PCIT lacked sufficient grounds to revise the reassessment order. Case-Laws Income Tax Tue, 25 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418146