https://www.taxtmi.com/caselaws?id=425393 The Tribunal found no delay in filing the appeal due to the extended limitation period granted in light of the pandemic. It held that the PCIT's order under section 263 was not justified as the assessment order was not erroneous or prejudicial to revenue. The Tribunal emphasized that lack of or inadequate inquiry cannot warrant invoking section 263. Additionally, it stated that the PCIT cannot direct the A.O. to initiate penalty proceedings under revisionary jurisdiction. Consequently, the PCIT's order was quashed, and the appeal was partly allowed in favor of the assessee. en-us Tue, 19 Jul 2022 00:00:00 +0530 Fri, 22 Jul 2022 09:18:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=425393 The Tribunal found no delay in filing the appeal due to the extended limitation period granted in light of the pandemic. It held that the PCIT's order under section 263 was not justified as the assessment order was not erroneous or prejudicial to revenue. The Tribunal emphasized that lack of or inadequate inquiry cannot warrant invoking section 263. Additionally, it stated that the PCIT cannot direct the A.O. to initiate penalty proceedings under revisionary jurisdiction. Consequently, the PCIT's order was quashed, and the appeal was partly allowed in favor of the assessee. Case-Laws Income Tax Tue, 19 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=425393