https://www.taxtmi.com/caselaws?id=429935 The Tribunal held that the Principal Commissioner of Income Tax's exercise of revisionary powers under Section 263 was not justified as the assessment order was found to be neither erroneous nor prejudicial to the interest of the Revenue. The Tribunal concluded that the Assessing Officer had conducted a thorough inquiry and made a reasonable judgment based on the evidence provided by the assessee. As a result, the appeal of the assessee was allowed, and the original assessment order was restored. en-us Mon, 10 Oct 2022 00:00:00 +0530 Fri, 02 Dec 2022 12:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=429935 The Tribunal held that the Principal Commissioner of Income Tax's exercise of revisionary powers under Section 263 was not justified as the assessment order was found to be neither erroneous nor prejudicial to the interest of the Revenue. The Tribunal concluded that the Assessing Officer had conducted a thorough inquiry and made a reasonable judgment based on the evidence provided by the assessee. As a result, the appeal of the assessee was allowed, and the original assessment order was restored. Case-Laws Income Tax Mon, 10 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=429935