https://www.taxtmi.com/caselaws?id=428136 The Tribunal held that the Principal Commissioner of Income Tax (PCIT) was not justified in assuming jurisdiction under Section 263, as the assessment order was found to be proper and not prejudicial to the Revenue. The original assessment order under Section 143(3) was upheld as not erroneous, emphasizing the importance of consistency in accounting methods. The Tribunal quashed the PCIT's order under Section 263, allowing the assessee's appeal and emphasizing the need for the Revenue to demonstrate material changes to justify altering established practices in subsequent assessments. en-us Wed, 07 Sep 2022 00:00:00 +0530 Sat, 24 Sep 2022 12:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=428136 The Tribunal held that the Principal Commissioner of Income Tax (PCIT) was not justified in assuming jurisdiction under Section 263, as the assessment order was found to be proper and not prejudicial to the Revenue. The original assessment order under Section 143(3) was upheld as not erroneous, emphasizing the importance of consistency in accounting methods. The Tribunal quashed the PCIT's order under Section 263, allowing the assessee's appeal and emphasizing the need for the Revenue to demonstrate material changes to justify altering established practices in subsequent assessments. Case-Laws Income Tax Wed, 07 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=428136