https://www.taxtmi.com/caselaws?id=420120 The Tribunal held that the Principal Commissioner of Income Tax (PCIT) was not justified in exercising jurisdiction under section 263 of the Income Tax Act, 1961, based on audit objections. It was determined that the Assessing Officer (AO) had conducted a thorough investigation and applied due diligence in verifying the agricultural income declared by the assessee. The Tribunal set aside the PCIT's order, ruling in favor of the assessee, concluding that the assessment was not erroneous or prejudicial to the interest of revenue. en-us Mon, 31 Jan 2022 00:00:00 +0530 Thu, 05 May 2022 12:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=420120 The Tribunal held that the Principal Commissioner of Income Tax (PCIT) was not justified in exercising jurisdiction under section 263 of the Income Tax Act, 1961, based on audit objections. It was determined that the Assessing Officer (AO) had conducted a thorough investigation and applied due diligence in verifying the agricultural income declared by the assessee. The Tribunal set aside the PCIT's order, ruling in favor of the assessee, concluding that the assessment was not erroneous or prejudicial to the interest of revenue. Case-Laws Income Tax Mon, 31 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=420120