https://www.taxtmi.com/caselaws?id=422769 The Tribunal set aside the Principal Commissioner of Income Tax's order under section 263, finding that the revisionary powers were not properly exercised. The Tribunal emphasized the importance of compliance with show cause notice requirements and providing the assessee with a reasonable opportunity to respond. It concluded that the PCIT's shift in focus without clear findings and failure to give a proper hearing rendered the order unsustainable. The appeal was allowed in favor of the assessee, highlighting the necessity of proper application of law in assessments and the limitations on revisionary powers. en-us Mon, 02 May 2022 00:00:00 +0530 Mon, 23 May 2022 08:12:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=422769 The Tribunal set aside the Principal Commissioner of Income Tax's order under section 263, finding that the revisionary powers were not properly exercised. The Tribunal emphasized the importance of compliance with show cause notice requirements and providing the assessee with a reasonable opportunity to respond. It concluded that the PCIT's shift in focus without clear findings and failure to give a proper hearing rendered the order unsustainable. The appeal was allowed in favor of the assessee, highlighting the necessity of proper application of law in assessments and the limitations on revisionary powers. Case-Laws Income Tax Mon, 02 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=422769