https://www.taxtmi.com/caselaws?id=426809 The Tribunal quashed the order passed by the Principal Commissioner of Income Tax (Pr. CIT) under Section 263, holding that the exercise of Revisionary powers was deemed mechanical and arbitrary. It emphasized that such powers must be exercised with care, addressing errors in the order and ensuring they are prejudicial to Revenue interests. The Tribunal found the Pr. CIT's actions lacked proper consideration of facts and the assessee's response, leading to the appeal of the assessee being allowed. en-us Thu, 21 Jul 2022 00:00:00 +0530 Tue, 11 Oct 2022 17:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=426809 The Tribunal quashed the order passed by the Principal Commissioner of Income Tax (Pr. CIT) under Section 263, holding that the exercise of Revisionary powers was deemed mechanical and arbitrary. It emphasized that such powers must be exercised with care, addressing errors in the order and ensuring they are prejudicial to Revenue interests. The Tribunal found the Pr. CIT's actions lacked proper consideration of facts and the assessee's response, leading to the appeal of the assessee being allowed. Case-Laws Income Tax Thu, 21 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=426809