https://www.taxtmi.com/caselaws?id=422091 The Tribunal upheld the Principal Commissioner of Income Tax's (PCIT) order under Section 263, finding the Assessing Officer's (AO) assessment erroneous and prejudicial to revenue due to inadequate verification of bogus sales transactions. The Tribunal dismissed the appeals, affirming the PCIT's direction for the AO to re-examine the matter. The PCIT's exercise of revisionary powers under Section 263 was deemed valid despite the pending appeal before the Commissioner of Income Tax (Appeals) as the issues were not yet considered or decided. en-us Tue, 23 Nov 2021 00:00:00 +0530 Fri, 02 Dec 2022 10:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=422091 The Tribunal upheld the Principal Commissioner of Income Tax's (PCIT) order under Section 263, finding the Assessing Officer's (AO) assessment erroneous and prejudicial to revenue due to inadequate verification of bogus sales transactions. The Tribunal dismissed the appeals, affirming the PCIT's direction for the AO to re-examine the matter. The PCIT's exercise of revisionary powers under Section 263 was deemed valid despite the pending appeal before the Commissioner of Income Tax (Appeals) as the issues were not yet considered or decided. Case-Laws Income Tax Tue, 23 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=422091