https://www.taxtmi.com/caselaws?id=426720 The Tribunal allowed the appeal by the assessee, quashing the Principal Commissioner of Income Tax's order under Section 263. The Tribunal found that the PCIT's order did not meet the conditions of being both erroneous and prejudicial to the interests of the Revenue. The original assessment order was upheld, emphasizing that the PCIT had no jurisdiction to proceed under Section 263 once it was determined that the assessee was not wrongly taxed. en-us Tue, 16 Aug 2022 00:00:00 +0530 Wed, 24 Aug 2022 08:48:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=426720 The Tribunal allowed the appeal by the assessee, quashing the Principal Commissioner of Income Tax's order under Section 263. The Tribunal found that the PCIT's order did not meet the conditions of being both erroneous and prejudicial to the interests of the Revenue. The original assessment order was upheld, emphasizing that the PCIT had no jurisdiction to proceed under Section 263 once it was determined that the assessee was not wrongly taxed. Case-Laws Income Tax Tue, 16 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=426720