https://www.taxtmi.com/caselaws?id=420513 The Tribunal found the assessment orders passed by the assessing officer under section 143(3) to be erroneous and prejudicial to the interest of revenue. It upheld the Principal Commissioner of Income Tax's decision to invoke revisionary powers under section 263, directing a re-assessment after identifying lapses in the original assessment related to donations, expenditures, and application of tax provisions. The Tribunal clarified that the nature of the exemption claimed by the appellant under section 10(23C)(iiiab) does not preclude the applicability of section 263. The appeals were dismissed, affirming the need for a fresh assessment. en-us Fri, 01 Apr 2022 00:00:00 +0530 Mon, 04 Apr 2022 09:15:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=420513 The Tribunal found the assessment orders passed by the assessing officer under section 143(3) to be erroneous and prejudicial to the interest of revenue. It upheld the Principal Commissioner of Income Tax's decision to invoke revisionary powers under section 263, directing a re-assessment after identifying lapses in the original assessment related to donations, expenditures, and application of tax provisions. The Tribunal clarified that the nature of the exemption claimed by the appellant under section 10(23C)(iiiab) does not preclude the applicability of section 263. The appeals were dismissed, affirming the need for a fresh assessment. Case-Laws Income Tax Fri, 01 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=420513