https://www.taxtmi.com/caselaws?id=418610 The Tribunal set aside the Principal Commissioner of Income Tax's order under Section 263, ruling in favor of the Assessee. It held that the assessment order was not erroneous or prejudicial to revenue, as the Assessing Officer had conducted proper inquiries and Section 50C did not apply to transactions falling under Section 45(3). The Tribunal found the AO's view reasonable and legally sound, concluding that the conditions for invoking Section 263 were not met. Consequently, the Assessee's appeal was allowed, and the PCIT's order was overturned. en-us Mon, 07 Feb 2022 00:00:00 +0530 Sat, 19 Feb 2022 12:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418610 The Tribunal set aside the Principal Commissioner of Income Tax's order under Section 263, ruling in favor of the Assessee. It held that the assessment order was not erroneous or prejudicial to revenue, as the Assessing Officer had conducted proper inquiries and Section 50C did not apply to transactions falling under Section 45(3). The Tribunal found the AO's view reasonable and legally sound, concluding that the conditions for invoking Section 263 were not met. Consequently, the Assessee's appeal was allowed, and the PCIT's order was overturned. Case-Laws Income Tax Mon, 07 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418610