https://www.taxtmi.com/caselaws?id=427757 The Tribunal set aside the order of the Principal Commissioner of Income Tax under section 263 for the assessment year 2017-18, directing a remand for further assessment based on verified information. The Tribunal found fault with the Commissioner's failure to verify crucial facts before deeming the assessment order erroneous. The appeal was allowed for statistical purposes, emphasizing the prospective nature of the Finance Act, 2021 amendments and legislative intent for applicability from April 1, 2021, onwards. Ultimately, the Tribunal remitted the issue back to the Commissioner for fresh consideration, allowing the appeal of the assessee for statistical purposes. en-us Mon, 05 Sep 2022 00:00:00 +0530 Fri, 16 Sep 2022 08:13:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427757 The Tribunal set aside the order of the Principal Commissioner of Income Tax under section 263 for the assessment year 2017-18, directing a remand for further assessment based on verified information. The Tribunal found fault with the Commissioner's failure to verify crucial facts before deeming the assessment order erroneous. The appeal was allowed for statistical purposes, emphasizing the prospective nature of the Finance Act, 2021 amendments and legislative intent for applicability from April 1, 2021, onwards. Ultimately, the Tribunal remitted the issue back to the Commissioner for fresh consideration, allowing the appeal of the assessee for statistical purposes. Case-Laws Income Tax Mon, 05 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427757