https://www.taxtmi.com/caselaws?id=431054 The Tribunal found that the Principal Commissioner of Income Tax wrongly assumed jurisdiction under Section 263, as the assessment order was not both erroneous and prejudicial to the revenue. The PCIT's concerns regarding exemption claim under Section 10(38) and sale of properties under Section 43CA were deemed unfounded, with the Tribunal ruling in favor of the assessee. The Tribunal emphasized that the AO's assessment was thorough and valid, setting aside the PCIT's order and restoring the original assessment under Section 143(3) of the Income Tax Act. The appeal of the assessee was allowed. en-us Fri, 02 Dec 2022 00:00:00 +0530 Fri, 16 Dec 2022 15:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431054 The Tribunal found that the Principal Commissioner of Income Tax wrongly assumed jurisdiction under Section 263, as the assessment order was not both erroneous and prejudicial to the revenue. The PCIT's concerns regarding exemption claim under Section 10(38) and sale of properties under Section 43CA were deemed unfounded, with the Tribunal ruling in favor of the assessee. The Tribunal emphasized that the AO's assessment was thorough and valid, setting aside the PCIT's order and restoring the original assessment under Section 143(3) of the Income Tax Act. The appeal of the assessee was allowed. Case-Laws Income Tax Fri, 02 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431054