https://www.taxtmi.com/caselaws?id=424481 The Tribunal allowed the Assessee's appeal, ruling that the Principal Commissioner's exercise of power under section 263 of the Income Tax Act was unwarranted due to the absence of circumstances necessitating inquiry by the Assessing Officer. The Tribunal emphasized the importance of conducting necessary inquiries and verifications to avoid erroneous orders prejudicial to revenue, highlighting the legal principles governing revisionary powers under section 263. en-us Wed, 15 Jun 2022 00:00:00 +0530 Fri, 01 Jul 2022 20:45:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424481 The Tribunal allowed the Assessee's appeal, ruling that the Principal Commissioner's exercise of power under section 263 of the Income Tax Act was unwarranted due to the absence of circumstances necessitating inquiry by the Assessing Officer. The Tribunal emphasized the importance of conducting necessary inquiries and verifications to avoid erroneous orders prejudicial to revenue, highlighting the legal principles governing revisionary powers under section 263. Case-Laws Income Tax Wed, 15 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424481