https://www.taxtmi.com/caselaws?id=418435 The Tribunal allowed the appeal filed by the assessee, setting aside the order passed under section 263 of the Income-tax Act. The Tribunal found that the original assessment order was not erroneous or prejudicial to revenue, as the shares were purchased through legitimate banking transactions and detailed replies and evidence were provided to the Assessing Officer. Therefore, the Tribunal concluded that the Principal Commissioner wrongly assumed revisional jurisdiction, leading to the decision to quash the order under section 263. en-us Thu, 16 Dec 2021 00:00:00 +0530 Thu, 17 Feb 2022 07:43:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418435 The Tribunal allowed the appeal filed by the assessee, setting aside the order passed under section 263 of the Income-tax Act. The Tribunal found that the original assessment order was not erroneous or prejudicial to revenue, as the shares were purchased through legitimate banking transactions and detailed replies and evidence were provided to the Assessing Officer. Therefore, the Tribunal concluded that the Principal Commissioner wrongly assumed revisional jurisdiction, leading to the decision to quash the order under section 263. Case-Laws Income Tax Thu, 16 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418435