https://www.taxtmi.com/caselaws?id=420151 The Tribunal quashed the revisionary proceedings under Section 263 of the Income Tax Act, holding that the Assessing Officer had conducted adequate inquiries and due application of mind. The Principal Commissioner of Income Tax's assumption of jurisdiction was found unjustified as the AO's assessments were deemed not erroneous or prejudicial to revenue. Consequently, all four appeals of the assessees were allowed. en-us Wed, 23 Mar 2022 00:00:00 +0530 Mon, 27 Jun 2022 15:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=420151 The Tribunal quashed the revisionary proceedings under Section 263 of the Income Tax Act, holding that the Assessing Officer had conducted adequate inquiries and due application of mind. The Principal Commissioner of Income Tax's assumption of jurisdiction was found unjustified as the AO's assessments were deemed not erroneous or prejudicial to revenue. Consequently, all four appeals of the assessees were allowed. Case-Laws Income Tax Wed, 23 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=420151