https://www.taxtmi.com/caselaws?id=426979 The tribunal quashed the revision order passed by the Principal Commissioner of Income Tax (PCIT) under section 263 of the Income Tax Act, 1961. The PCIT's jurisdiction was found to be erroneous and prejudicial to revenue's interest as it was based on audit objections without independent examination. The tribunal ruled in favor of the assessee on various grounds, including lack of independent assessment, procedural irregularities, and misapplication of judicial precedents. Consequently, the assessee's appeal was allowed in full. en-us Tue, 23 Aug 2022 00:00:00 +0530 Tue, 30 Aug 2022 08:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=426979 The tribunal quashed the revision order passed by the Principal Commissioner of Income Tax (PCIT) under section 263 of the Income Tax Act, 1961. The PCIT's jurisdiction was found to be erroneous and prejudicial to revenue's interest as it was based on audit objections without independent examination. The tribunal ruled in favor of the assessee on various grounds, including lack of independent assessment, procedural irregularities, and misapplication of judicial precedents. Consequently, the assessee's appeal was allowed in full. Case-Laws Income Tax Tue, 23 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=426979