https://www.taxtmi.com/caselaws?id=424770 The Income Tax Appellate Tribunal (ITAT) held that the Principal Commissioner of Income Tax (Pr.CIT) incorrectly assumed jurisdiction under Section 263. The assessment order allowing business expenses was deemed not erroneous or prejudicial to revenue. The ITAT found the Assessing Officer (AO) had conducted proper enquiries, and the assessee had provided satisfactory explanations. The ITAT concluded the Pr.CIT's order was unsustainable, allowing the assessee's appeal and setting aside the Pr.CIT's order. en-us Tue, 05 Jul 2022 00:00:00 +0530 Fri, 08 Jul 2022 12:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424770 The Income Tax Appellate Tribunal (ITAT) held that the Principal Commissioner of Income Tax (Pr.CIT) incorrectly assumed jurisdiction under Section 263. The assessment order allowing business expenses was deemed not erroneous or prejudicial to revenue. The ITAT found the Assessing Officer (AO) had conducted proper enquiries, and the assessee had provided satisfactory explanations. The ITAT concluded the Pr.CIT's order was unsustainable, allowing the assessee's appeal and setting aside the Pr.CIT's order. Case-Laws Income Tax Tue, 05 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424770