https://www.taxtmi.com/caselaws?id=304917 The tribunal set aside the Principal Commissioner of Income Tax's order, ruling that the assumption of jurisdiction under Section 263 was incorrect. The tribunal found the amendment to Section 115BBE regarding tax rates to be debatable and not applicable retrospectively. It emphasized that the assessment order was not erroneous as the Assessing Officer had considered all aspects. Consequently, the tribunal allowed the assessee's appeal, reinstating the original assessment order under Section 143(3) of the Income-tax Act, 1961. en-us Wed, 24 Aug 2022 00:00:00 +0530 Sat, 05 Nov 2022 08:28:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=304917 The tribunal set aside the Principal Commissioner of Income Tax's order, ruling that the assumption of jurisdiction under Section 263 was incorrect. The tribunal found the amendment to Section 115BBE regarding tax rates to be debatable and not applicable retrospectively. It emphasized that the assessment order was not erroneous as the Assessing Officer had considered all aspects. Consequently, the tribunal allowed the assessee's appeal, reinstating the original assessment order under Section 143(3) of the Income-tax Act, 1961. Case-Laws Income Tax Wed, 24 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=304917