https://www.taxtmi.com/caselaws?id=430704 The Tribunal quashed the order under section 263 of the Income-tax Act, holding that the revisionary proceedings initiated by the Principal Commissioner of Income Tax were unjustified. The appeal of the assessee was allowed, and the assessment order was upheld as neither erroneous nor prejudicial to the interest of revenue. The Tribunal referenced the case law precedent set by the Supreme Court in Malabar Industries Ltd. vs. CIT, emphasizing that not every loss of revenue due to an Assessing Officer's order is necessarily prejudicial to revenue. en-us Thu, 10 Nov 2022 00:00:00 +0530 Fri, 25 Nov 2022 11:23:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430704 The Tribunal quashed the order under section 263 of the Income-tax Act, holding that the revisionary proceedings initiated by the Principal Commissioner of Income Tax were unjustified. The appeal of the assessee was allowed, and the assessment order was upheld as neither erroneous nor prejudicial to the interest of revenue. The Tribunal referenced the case law precedent set by the Supreme Court in Malabar Industries Ltd. vs. CIT, emphasizing that not every loss of revenue due to an Assessing Officer's order is necessarily prejudicial to revenue. Case-Laws Income Tax Thu, 10 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430704