https://www.taxtmi.com/caselaws?id=301310 The court set aside the impugned order under section 263 of the Income-tax Act, 1961, emphasizing the importance of thorough enquiries by the Assessing Officer and the need to meet the twin conditions for assuming revisional jurisdiction. It was held that the Principal Commissioner cannot substitute his view when the Assessing Officer has conducted an enquiry and taken a possible view. The judgment clarified that the insertion of Explanation 2(1) to Section 263 by the Finance Act 2015 does not apply retrospectively. As a result, the appeal of the assessee was allowed. en-us Thu, 07 Mar 2019 00:00:00 +0530 Sat, 26 Mar 2022 08:58:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=301310 The court set aside the impugned order under section 263 of the Income-tax Act, 1961, emphasizing the importance of thorough enquiries by the Assessing Officer and the need to meet the twin conditions for assuming revisional jurisdiction. It was held that the Principal Commissioner cannot substitute his view when the Assessing Officer has conducted an enquiry and taken a possible view. The judgment clarified that the insertion of Explanation 2(1) to Section 263 by the Finance Act 2015 does not apply retrospectively. As a result, the appeal of the assessee was allowed. Case-Laws Income Tax Thu, 07 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=301310