https://www.taxtmi.com/caselaws?id=424702 The Tribunal quashed the revision order passed by the Principal Commissioner of Income Tax (PCIT) under section 263, as it found that the Assessing Officer (AO) had already conducted sufficient inquiries during the assessment proceedings. The Tribunal determined that the PCIT's revision lacked proper application of mind and failed to show how the AO's order was erroneous and prejudicial to revenue. As the assessee had a deficit for the relevant year with no tax liability, the Tribunal concluded that the PCIT's revision order was legally flawed and granted relief to the assessee, emphasizing the adequacy of the AO's inquiries. en-us Fri, 10 Jun 2022 00:00:00 +0530 Thu, 07 Jul 2022 09:04:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424702 The Tribunal quashed the revision order passed by the Principal Commissioner of Income Tax (PCIT) under section 263, as it found that the Assessing Officer (AO) had already conducted sufficient inquiries during the assessment proceedings. The Tribunal determined that the PCIT's revision lacked proper application of mind and failed to show how the AO's order was erroneous and prejudicial to revenue. As the assessee had a deficit for the relevant year with no tax liability, the Tribunal concluded that the PCIT's revision order was legally flawed and granted relief to the assessee, emphasizing the adequacy of the AO's inquiries. Case-Laws Income Tax Fri, 10 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424702