https://www.taxtmi.com/caselaws?id=428294 The tribunal quashed the Principal Commissioner of Income Tax's order under Section 263, finding that the PCIT had not adequately demonstrated how the original assessment order was erroneous and prejudicial to the revenue. The tribunal emphasized the importance of meeting both conditions for invoking Section 263 and upheld the original assessment order for the Assessment Year 2017-18. The appeal of the assessee was allowed, highlighting the need for proper application of mind in revisionary proceedings. en-us Thu, 22 Sep 2022 00:00:00 +0530 Wed, 28 Sep 2022 08:03:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=428294 The tribunal quashed the Principal Commissioner of Income Tax's order under Section 263, finding that the PCIT had not adequately demonstrated how the original assessment order was erroneous and prejudicial to the revenue. The tribunal emphasized the importance of meeting both conditions for invoking Section 263 and upheld the original assessment order for the Assessment Year 2017-18. The appeal of the assessee was allowed, highlighting the need for proper application of mind in revisionary proceedings. Case-Laws Income Tax Thu, 22 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=428294