https://www.taxtmi.com/caselaws?id=425115 The Tribunal allowed the appeals filed by the assessee, quashing the orders passed under section 263 for both assessment years. The Tribunal found that the Principal Commissioner of Income Tax did not prove that the Assessing Officer's orders were erroneous and prejudicial to the interest of revenue. The Tribunal emphasized the necessity for the Principal Commissioner to conduct a basic inquiry before invoking section 263 and concluded that the Principal Commissioner's actions were based on a mere change of opinion and were not sustainable. en-us Wed, 06 Jul 2022 00:00:00 +0530 Thu, 14 Jul 2022 15:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=425115 The Tribunal allowed the appeals filed by the assessee, quashing the orders passed under section 263 for both assessment years. The Tribunal found that the Principal Commissioner of Income Tax did not prove that the Assessing Officer's orders were erroneous and prejudicial to the interest of revenue. The Tribunal emphasized the necessity for the Principal Commissioner to conduct a basic inquiry before invoking section 263 and concluded that the Principal Commissioner's actions were based on a mere change of opinion and were not sustainable. Case-Laws Income Tax Wed, 06 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=425115