https://www.taxtmi.com/caselaws?id=429642 The Tribunal held that the Principal Commissioner lacked jurisdiction under Section 263 of the Income Tax Act, 1961, as the original assessment order was not erroneous or prejudicial to revenue. It found that the Assessing Officer conducted an adequate inquiry, accepting the explanations and evidence provided by the assessee. The Tribunal emphasized that when an assessee substantiates transactions with evidence and the Assessing Officer accepts it in good faith, lack of detailed inquiry does not render the order erroneous. The appeal was allowed, the revision order was vacated, and the original assessment order was restored. en-us Thu, 13 Oct 2022 00:00:00 +0530 Wed, 02 Nov 2022 09:12:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=429642 The Tribunal held that the Principal Commissioner lacked jurisdiction under Section 263 of the Income Tax Act, 1961, as the original assessment order was not erroneous or prejudicial to revenue. It found that the Assessing Officer conducted an adequate inquiry, accepting the explanations and evidence provided by the assessee. The Tribunal emphasized that when an assessee substantiates transactions with evidence and the Assessing Officer accepts it in good faith, lack of detailed inquiry does not render the order erroneous. The appeal was allowed, the revision order was vacated, and the original assessment order was restored. Case-Laws Income Tax Thu, 13 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=429642