https://www.taxtmi.com/caselaws?id=422830 The Tribunal upheld the Principal Commissioner of Income Tax's jurisdiction under Section 263, finding the assessment order erroneous and prejudicial to the Revenue due to inadequate inquiries into exemption claims. The Tribunal validated the assessment order issued for a non-existing entity, citing lack of information on merger details. It affirmed the PCIT's direction to re-examine the exemption claim. The Tribunal deemed the notice issued by the PCIT as valid, emphasizing the need for proper satisfaction. The appeal was dismissed, affirming the validity of the assessment and revision orders, highlighting the importance of thorough inquiries and disclosure in assessment proceedings. en-us Fri, 13 May 2022 00:00:00 +0530 Tue, 24 May 2022 06:55:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=422830 The Tribunal upheld the Principal Commissioner of Income Tax's jurisdiction under Section 263, finding the assessment order erroneous and prejudicial to the Revenue due to inadequate inquiries into exemption claims. The Tribunal validated the assessment order issued for a non-existing entity, citing lack of information on merger details. It affirmed the PCIT's direction to re-examine the exemption claim. The Tribunal deemed the notice issued by the PCIT as valid, emphasizing the need for proper satisfaction. The appeal was dismissed, affirming the validity of the assessment and revision orders, highlighting the importance of thorough inquiries and disclosure in assessment proceedings. Case-Laws Income Tax Fri, 13 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=422830