https://www.taxtmi.com/caselaws?id=426020 The Tribunal found that the Principal CIT erred in assuming jurisdiction under section 263 of the Income Tax Act without independently applying his mind. The assessment order framed under section 143(3) was deemed valid as the Assessing Officer had considered relevant issues. The treatment of the government grant under sections 11(1)(a) and 11(2) was found appropriate based on the assessee's consistent reporting. Consequently, the Tribunal allowed the assessee's appeal, setting aside the order under section 263. en-us Wed, 03 Aug 2022 00:00:00 +0530 Sat, 06 Aug 2022 09:27:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=426020 The Tribunal found that the Principal CIT erred in assuming jurisdiction under section 263 of the Income Tax Act without independently applying his mind. The assessment order framed under section 143(3) was deemed valid as the Assessing Officer had considered relevant issues. The treatment of the government grant under sections 11(1)(a) and 11(2) was found appropriate based on the assessee's consistent reporting. Consequently, the Tribunal allowed the assessee's appeal, setting aside the order under section 263. Case-Laws Income Tax Wed, 03 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=426020