https://www.taxtmi.com/caselaws?id=420718 The Tribunal set aside the order passed under section 263 of the Income Tax Act, ruling that the Principal Commissioner of Income Tax (PCIT) lacked justification for invoking revisional jurisdiction. It was determined that the Assessing Officer had conducted proper inquiries and formed a reasonable view based on available information. The PCIT's order was deemed unjustified as it lacked independent inquiry or verification. Consequently, the appeal by the assessee was allowed, and the order under section 263 was overturned. en-us Tue, 15 Mar 2022 00:00:00 +0530 Fri, 08 Apr 2022 08:03:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=420718 The Tribunal set aside the order passed under section 263 of the Income Tax Act, ruling that the Principal Commissioner of Income Tax (PCIT) lacked justification for invoking revisional jurisdiction. It was determined that the Assessing Officer had conducted proper inquiries and formed a reasonable view based on available information. The PCIT's order was deemed unjustified as it lacked independent inquiry or verification. Consequently, the appeal by the assessee was allowed, and the order under section 263 was overturned. Case-Laws Income Tax Tue, 15 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=420718