https://www.taxtmi.com/caselaws?id=424615 The Tribunal quashed the revision order passed by the CIT under section 263, as it found that the CIT did not exercise independent judgment but relied solely on audit objections. Consequently, the giving-effect order and the appellate order passed by the CIT(A) were rendered ineffective. The assessee's appeal was allowed, while the Revenue's appeal and cross-objection were dismissed. The Tribunal stressed the importance of the AO conducting thorough inquiries and issuing comprehensive orders, and the CIT exercising independent judgment in utilizing revisionary powers. en-us Thu, 30 Jun 2022 00:00:00 +0530 Tue, 05 Jul 2022 08:16:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424615 The Tribunal quashed the revision order passed by the CIT under section 263, as it found that the CIT did not exercise independent judgment but relied solely on audit objections. Consequently, the giving-effect order and the appellate order passed by the CIT(A) were rendered ineffective. The assessee's appeal was allowed, while the Revenue's appeal and cross-objection were dismissed. The Tribunal stressed the importance of the AO conducting thorough inquiries and issuing comprehensive orders, and the CIT exercising independent judgment in utilizing revisionary powers. Case-Laws Income Tax Thu, 30 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424615