https://www.taxtmi.com/caselaws?id=424313 The Tribunal held that the assessment order under section 143(3) was not erroneous or prejudicial to the interests of the Revenue. It found that the Assessing Officer had made adequate inquiries and correctly applied the law in accepting the assessee's claim for exemption under section 54B. The Tribunal emphasized that the AO had considered the material on record before framing the assessment, distinguishing between "lack of inquiry" and "inadequate inquiry." Consequently, the Tribunal quashed the revisional order by the Principal Commissioner of Income Tax and allowed the appeal filed by the assessee. en-us Fri, 24 Jun 2022 00:00:00 +0530 Sun, 26 Jun 2022 00:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424313 The Tribunal held that the assessment order under section 143(3) was not erroneous or prejudicial to the interests of the Revenue. It found that the Assessing Officer had made adequate inquiries and correctly applied the law in accepting the assessee's claim for exemption under section 54B. The Tribunal emphasized that the AO had considered the material on record before framing the assessment, distinguishing between "lack of inquiry" and "inadequate inquiry." Consequently, the Tribunal quashed the revisional order by the Principal Commissioner of Income Tax and allowed the appeal filed by the assessee. Case-Laws Income Tax Fri, 24 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424313