https://www.taxtmi.com/caselaws?id=431717 The Tribunal held that the assessment order under section 143(3) of the Income-tax Act was not erroneous and did not prejudice the interest of Revenue. The Principal Commissioner of Income-tax (PCIT) was found unjustified in invoking section 263 for revising the assessment order. The Tribunal emphasized that the Assessing Officer (AO) had conducted inquiries and considered relevant material before framing the assessment. The PCIT's lack of specifying necessary inquiries and failure to provide an opportunity for the assessee to respond led to the quashing of the revisional order. The appeal by the assessee was allowed. en-us Wed, 24 Aug 2022 00:00:00 +0530 Tue, 20 Dec 2022 10:03:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431717 The Tribunal held that the assessment order under section 143(3) of the Income-tax Act was not erroneous and did not prejudice the interest of Revenue. The Principal Commissioner of Income-tax (PCIT) was found unjustified in invoking section 263 for revising the assessment order. The Tribunal emphasized that the Assessing Officer (AO) had conducted inquiries and considered relevant material before framing the assessment. The PCIT's lack of specifying necessary inquiries and failure to provide an opportunity for the assessee to respond led to the quashing of the revisional order. The appeal by the assessee was allowed. Case-Laws Income Tax Wed, 24 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431717