https://www.taxtmi.com/caselaws?id=420663 The tribunal allowed the assessee's appeal, quashing the Principal Commissioner of Income Tax's order under section 263. It held that the Assessing Officer had conducted sufficient inquiries and due diligence, while the PCIT failed to independently investigate before invoking section 263. The tribunal found the AO's order valid, not erroneous, and not prejudicial to revenue, citing the necessity of satisfying twin conditions for revision. The tribunal refrained from addressing the revising of approval under section 153D due to quashing the PCIT's order. en-us Fri, 25 Mar 2022 00:00:00 +0530 Mon, 27 Jun 2022 15:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=420663 The tribunal allowed the assessee's appeal, quashing the Principal Commissioner of Income Tax's order under section 263. It held that the Assessing Officer had conducted sufficient inquiries and due diligence, while the PCIT failed to independently investigate before invoking section 263. The tribunal found the AO's order valid, not erroneous, and not prejudicial to revenue, citing the necessity of satisfying twin conditions for revision. The tribunal refrained from addressing the revising of approval under section 153D due to quashing the PCIT's order. Case-Laws Income Tax Fri, 25 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=420663