https://www.taxtmi.com/caselaws?id=425778 The Tribunal concluded that the Principal Commissioner of Income Tax (PCIT) did not have jurisdiction to pass an order under Section 263 as the Assessing Officer's (AO) decision was not erroneous or prejudicial to revenue. The PCIT's notice regarding the deduction under Section 80P(2)(a)(i) on interest income from Fixed Deposit Receipts was deemed unfounded, and the AO's actions were considered valid based on necessary verifications and adherence to legal precedents. The Tribunal set aside the PCIT's order and ruled in favor of the assessee. en-us Tue, 09 Nov 2021 00:00:00 +0530 Mon, 01 Aug 2022 09:32:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=425778 The Tribunal concluded that the Principal Commissioner of Income Tax (PCIT) did not have jurisdiction to pass an order under Section 263 as the Assessing Officer's (AO) decision was not erroneous or prejudicial to revenue. The PCIT's notice regarding the deduction under Section 80P(2)(a)(i) on interest income from Fixed Deposit Receipts was deemed unfounded, and the AO's actions were considered valid based on necessary verifications and adherence to legal precedents. The Tribunal set aside the PCIT's order and ruled in favor of the assessee. Case-Laws Income Tax Tue, 09 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=425778