https://www.taxtmi.com/caselaws?id=426889 The Tribunal held that the Principal Commissioner of Income Tax's (PCIT) exercise of jurisdiction under Section 263 was not in accordance with the law as the issues of share capital and share premium were not part of the reassessment proceedings. The Tribunal quashed the PCIT's order under Section 263 and allowed the appeals filed by the assessee for both Assessment Years 2010-11 and 2011-12. It emphasized that the reassessment order by the Assessing Officer was not erroneous or prejudicial to the Revenue's interest, as it was based on due diligence and verification of relevant details. en-us Mon, 22 Aug 2022 00:00:00 +0530 Sat, 27 Aug 2022 12:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=426889 The Tribunal held that the Principal Commissioner of Income Tax's (PCIT) exercise of jurisdiction under Section 263 was not in accordance with the law as the issues of share capital and share premium were not part of the reassessment proceedings. The Tribunal quashed the PCIT's order under Section 263 and allowed the appeals filed by the assessee for both Assessment Years 2010-11 and 2011-12. It emphasized that the reassessment order by the Assessing Officer was not erroneous or prejudicial to the Revenue's interest, as it was based on due diligence and verification of relevant details. Case-Laws Income Tax Mon, 22 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=426889