https://www.taxtmi.com/caselaws?id=424309 The Tribunal allowed the appeal, quashing the revision order passed by the Principal Commissioner of Income Tax (PCIT) under section 263 of the Act. The assessment order was deemed neither erroneous nor prejudicial to the interest of the Revenue. The Tribunal highlighted a conflict of decisions by different High Courts regarding the PCIT's jurisdiction to revise assessment orders for initiating penalty proceedings under section 270A of the Act, ultimately siding with the decision of the Hon'ble Madras High Court. en-us Fri, 17 Jun 2022 00:00:00 +0530 Sat, 25 Jun 2022 13:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424309 The Tribunal allowed the appeal, quashing the revision order passed by the Principal Commissioner of Income Tax (PCIT) under section 263 of the Act. The assessment order was deemed neither erroneous nor prejudicial to the interest of the Revenue. The Tribunal highlighted a conflict of decisions by different High Courts regarding the PCIT's jurisdiction to revise assessment orders for initiating penalty proceedings under section 270A of the Act, ultimately siding with the decision of the Hon'ble Madras High Court. Case-Laws Income Tax Fri, 17 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424309