https://www.taxtmi.com/caselaws?id=422675 The Tribunal upheld the Principal Commissioner of Income Tax's (PCIT) decision to assume revisionary jurisdiction under Section 263, finding the Assessing Officer's (AO) assessment erroneous and prejudicial to revenue due to lack of verification. The PCIT directed the AO to address unverified issues after the assessee failed to provide substantial submissions. The Tribunal dismissed the appeal, confirming the validity of the PCIT's direction. The order was pronounced on April 20, 2022, in open court. en-us Wed, 20 Apr 2022 00:00:00 +0530 Wed, 18 May 2022 15:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=422675 The Tribunal upheld the Principal Commissioner of Income Tax's (PCIT) decision to assume revisionary jurisdiction under Section 263, finding the Assessing Officer's (AO) assessment erroneous and prejudicial to revenue due to lack of verification. The PCIT directed the AO to address unverified issues after the assessee failed to provide substantial submissions. The Tribunal dismissed the appeal, confirming the validity of the PCIT's direction. The order was pronounced on April 20, 2022, in open court. Case-Laws Income Tax Wed, 20 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=422675