https://www.taxtmi.com/caselaws?id=426331 The Tribunal allowed the appeal, ruling that the Principal Commissioner lacked jurisdiction under section 263 to revise the assessment order. The decision emphasized the necessity of demonstrating an erroneous order causing prejudice to the Revenue to invoke jurisdiction under section 263 of the Income Tax Act, 1961. The Tribunal found that the Assessing Officer had conducted a thorough inquiry and had taken a plausible view in assessing profits under 'short term capital gain'. As the Principal Commissioner failed to establish any error or prejudice, the order under section 263 was set aside. en-us Fri, 29 Jul 2022 00:00:00 +0530 Sat, 13 Aug 2022 08:06:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=426331 The Tribunal allowed the appeal, ruling that the Principal Commissioner lacked jurisdiction under section 263 to revise the assessment order. The decision emphasized the necessity of demonstrating an erroneous order causing prejudice to the Revenue to invoke jurisdiction under section 263 of the Income Tax Act, 1961. The Tribunal found that the Assessing Officer had conducted a thorough inquiry and had taken a plausible view in assessing profits under 'short term capital gain'. As the Principal Commissioner failed to establish any error or prejudice, the order under section 263 was set aside. Case-Laws Income Tax Fri, 29 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=426331