https://www.taxtmi.com/caselaws?id=423176 The Tribunal set aside and quashed the revisional order of the Principal Commissioner of Income Tax (Pr.CIT), concluding that the Assessing Officer had conducted proper inquiries, and the proposed reclassification of income lacked a solid basis. The Tribunal allowed the appeals of the assessee, emphasizing that invoking jurisdiction under Section 263 required demonstrating actual prejudice to the Revenue. en-us Wed, 04 May 2022 00:00:00 +0530 Wed, 01 Jun 2022 18:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=423176 The Tribunal set aside and quashed the revisional order of the Principal Commissioner of Income Tax (Pr.CIT), concluding that the Assessing Officer had conducted proper inquiries, and the proposed reclassification of income lacked a solid basis. The Tribunal allowed the appeals of the assessee, emphasizing that invoking jurisdiction under Section 263 required demonstrating actual prejudice to the Revenue. Case-Laws Income Tax Wed, 04 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=423176