https://www.taxtmi.com/caselaws?id=430686 The Tribunal quashed the Ld. Pr. CIT's order invoking section 263 of the Income-tax Act, finding that the assessment order was not erroneous or prejudicial to revenue. The Tribunal emphasized the need for both conditions to be met for invoking section 263, citing the Malabar Industries Ltd. vs. CIT case. It concluded that the AO had adequately examined and verified all issues during assessment, thus allowing the assessee's appeal. en-us Tue, 22 Nov 2022 00:00:00 +0530 Fri, 25 Nov 2022 08:07:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430686 The Tribunal quashed the Ld. Pr. CIT's order invoking section 263 of the Income-tax Act, finding that the assessment order was not erroneous or prejudicial to revenue. The Tribunal emphasized the need for both conditions to be met for invoking section 263, citing the Malabar Industries Ltd. vs. CIT case. It concluded that the AO had adequately examined and verified all issues during assessment, thus allowing the assessee's appeal. Case-Laws Income Tax Tue, 22 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430686