https://www.taxtmi.com/caselaws?id=425792 The Tribunal held that the Principal Commissioner of Income Tax's revision order under Section 263 was unjustified as the assessment order was neither erroneous nor prejudicial to revenue interests. The Tribunal found the Assessing Officer had conducted a proper enquiry and verification, rejecting the PCIT's claims. The invocation of Explanation (2) to Section 263 was deemed inappropriate, and the statement recorded under Section 132(4) was considered but did not invalidate the AO's decision. Consequently, the revision order was quashed, and the appeal by the assessee was allowed. en-us Fri, 29 Jul 2022 00:00:00 +0530 Mon, 01 Aug 2022 09:33:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=425792 The Tribunal held that the Principal Commissioner of Income Tax's revision order under Section 263 was unjustified as the assessment order was neither erroneous nor prejudicial to revenue interests. The Tribunal found the Assessing Officer had conducted a proper enquiry and verification, rejecting the PCIT's claims. The invocation of Explanation (2) to Section 263 was deemed inappropriate, and the statement recorded under Section 132(4) was considered but did not invalidate the AO's decision. Consequently, the revision order was quashed, and the appeal by the assessee was allowed. Case-Laws Income Tax Fri, 29 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=425792