https://www.taxtmi.com/caselaws?id=421043 The Tribunal set aside the Principal Commissioner's decision to revise the assessment order under section 263 of the Income Tax Act, allowing the appeal of the assessee. The Tribunal found that the assessing officer had conducted proper inquiries and verified the foreign exchange loss issue, concluding that the Principal Commissioner's decision was based on a change of opinion rather than any error in the assessment order. The case underscored the importance of thorough assessment procedures and the necessity for substantial evidence to support revisions under section 263. en-us Wed, 23 Feb 2022 00:00:00 +0530 Fri, 15 Apr 2022 14:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=421043 The Tribunal set aside the Principal Commissioner's decision to revise the assessment order under section 263 of the Income Tax Act, allowing the appeal of the assessee. The Tribunal found that the assessing officer had conducted proper inquiries and verified the foreign exchange loss issue, concluding that the Principal Commissioner's decision was based on a change of opinion rather than any error in the assessment order. The case underscored the importance of thorough assessment procedures and the necessity for substantial evidence to support revisions under section 263. Case-Laws Income Tax Wed, 23 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=421043