https://www.taxtmi.com/caselaws?id=427554 The Tribunal upheld the order of the Principal Commissioner of Income Tax (PCIT) under section 263, dismissing the appeal by the assessee. It was determined that the assessment order was erroneous and prejudicial to the Revenue due to the incorrect computation of book profits on the transfer of shares. The PCIT's direction to the Assessing Officer (AO) to recompute the book profit under section 115JB was deemed justified as the AO had failed to conduct necessary enquiries, leading to the order being revised under section 263. en-us Thu, 08 Sep 2022 00:00:00 +0530 Mon, 12 Sep 2022 11:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427554 The Tribunal upheld the order of the Principal Commissioner of Income Tax (PCIT) under section 263, dismissing the appeal by the assessee. It was determined that the assessment order was erroneous and prejudicial to the Revenue due to the incorrect computation of book profits on the transfer of shares. The PCIT's direction to the Assessing Officer (AO) to recompute the book profit under section 115JB was deemed justified as the AO had failed to conduct necessary enquiries, leading to the order being revised under section 263. Case-Laws Income Tax Thu, 08 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427554