https://www.taxtmi.com/caselaws?id=430110 The Tribunal found that the Principal Commissioner of Income Tax (PCIT) erroneously invoked Section 263, as the original assessment by the Assessing Officer (AO) was deemed thorough and not prejudicial to revenue. The PCIT's direction for reassessment was considered a mere change of opinion, impermissible under Section 263. Consequently, the PCIT's order was quashed, and the original assessment order by the AO was upheld. en-us Wed, 09 Nov 2022 00:00:00 +0530 Fri, 11 Nov 2022 09:02:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430110 The Tribunal found that the Principal Commissioner of Income Tax (PCIT) erroneously invoked Section 263, as the original assessment by the Assessing Officer (AO) was deemed thorough and not prejudicial to revenue. The PCIT's direction for reassessment was considered a mere change of opinion, impermissible under Section 263. Consequently, the PCIT's order was quashed, and the original assessment order by the AO was upheld. Case-Laws Income Tax Wed, 09 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430110