https://www.taxtmi.com/caselaws?id=427571 The Tribunal set aside the Principal Commissioner of Income Tax's order under Section 263, concluding that the assessment order was not erroneous or prejudicial to revenue. It held that jurisdiction under Section 263 was unjustified as it was based on audit objections rather than independent examination. The Tribunal emphasized that Section 50C allows discretion on referring to the District Valuation Officer and highlighted that audit objections alone cannot justify revisional powers under Section 263. The appeal favored the Assessee, emphasizing the importance of independent examination by the Revisional Authority and the discretionary nature of Section 50C. en-us Wed, 10 Aug 2022 00:00:00 +0530 Mon, 12 Sep 2022 09:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427571 The Tribunal set aside the Principal Commissioner of Income Tax's order under Section 263, concluding that the assessment order was not erroneous or prejudicial to revenue. It held that jurisdiction under Section 263 was unjustified as it was based on audit objections rather than independent examination. The Tribunal emphasized that Section 50C allows discretion on referring to the District Valuation Officer and highlighted that audit objections alone cannot justify revisional powers under Section 263. The appeal favored the Assessee, emphasizing the importance of independent examination by the Revisional Authority and the discretionary nature of Section 50C. Case-Laws Income Tax Wed, 10 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427571