https://www.taxtmi.com/caselaws?id=430188 The Tribunal held that the Principal Commissioner of Income Tax erred in invoking Section 263 and set aside the order passed under that section. The Tribunal found that the Assessing Officer had conducted thorough inquiries, the TDS was deducted on relevant payments, and the expenses for the underground water tank and club house were necessary infrastructural facilities capitalized as Work in Progress. The Tribunal emphasized that the AO's order should only be considered erroneous if it results in a substantive error causing loss to revenue. The appeal of the assessee was allowed, and the Tribunal pronounced the order on 14-10-2022. en-us Fri, 14 Oct 2022 00:00:00 +0530 Mon, 14 Nov 2022 09:01:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430188 The Tribunal held that the Principal Commissioner of Income Tax erred in invoking Section 263 and set aside the order passed under that section. The Tribunal found that the Assessing Officer had conducted thorough inquiries, the TDS was deducted on relevant payments, and the expenses for the underground water tank and club house were necessary infrastructural facilities capitalized as Work in Progress. The Tribunal emphasized that the AO's order should only be considered erroneous if it results in a substantive error causing loss to revenue. The appeal of the assessee was allowed, and the Tribunal pronounced the order on 14-10-2022. Case-Laws Income Tax Fri, 14 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430188