https://www.taxtmi.com/caselaws?id=430154 The Tribunal quashed the Principal Commissioner of Income Tax's order under Section 263, setting aside the assessment order for the assessment year 2014-15. The Tribunal held that the Assessing Officer's order was not erroneous or prejudicial to revenue, emphasizing that the PCIT failed to appreciate the facts correctly and did not meet the conditions for invoking Section 263. Consequently, the Tribunal invalidated the PCIT's jurisdiction under Section 263 and ruled in favor of the assessee, highlighting the importance of proper inquiries before deeming an assessment order erroneous. en-us Wed, 19 Oct 2022 00:00:00 +0530 Fri, 11 Nov 2022 10:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430154 The Tribunal quashed the Principal Commissioner of Income Tax's order under Section 263, setting aside the assessment order for the assessment year 2014-15. The Tribunal held that the Assessing Officer's order was not erroneous or prejudicial to revenue, emphasizing that the PCIT failed to appreciate the facts correctly and did not meet the conditions for invoking Section 263. Consequently, the Tribunal invalidated the PCIT's jurisdiction under Section 263 and ruled in favor of the assessee, highlighting the importance of proper inquiries before deeming an assessment order erroneous. Case-Laws Income Tax Wed, 19 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430154