https://www.taxtmi.com/caselaws?id=431630 The Tribunal quashed the revisionary proceedings initiated under Section 263 and the consequent order passed by the Principal Commissioner of Income Tax (PCIT). The appeal of the assessee was allowed, and the assessment order under Section 143(3) was upheld. The Tribunal held that the PCIT had not demonstrated how the assessment order was erroneous and prejudicial to the interest of the revenue, and thus, the exercise of jurisdiction under Section 263 was deemed invalid. en-us Wed, 14 Dec 2022 00:00:00 +0530 Sat, 17 Dec 2022 09:16:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431630 The Tribunal quashed the revisionary proceedings initiated under Section 263 and the consequent order passed by the Principal Commissioner of Income Tax (PCIT). The appeal of the assessee was allowed, and the assessment order under Section 143(3) was upheld. The Tribunal held that the PCIT had not demonstrated how the assessment order was erroneous and prejudicial to the interest of the revenue, and thus, the exercise of jurisdiction under Section 263 was deemed invalid. Case-Laws Income Tax Wed, 14 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431630