https://www.taxtmi.com/caselaws?id=431895 The Tribunal upheld the Principal Commissioner of Income Tax's revision order under Section 263, finding the Assessing Officer's assessment erroneous and prejudicial to revenue interests due to inadequate inquiry. The appeal was dismissed, directing a fresh assessment with thorough verification of eligibility for exemption under Section 54B of the Income Tax Act, emphasizing the importance of strict compliance with exemption provisions and proper inquiry by the Assessing Officer. en-us Wed, 21 Dec 2022 00:00:00 +0530 Fri, 23 Dec 2022 09:20:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431895 The Tribunal upheld the Principal Commissioner of Income Tax's revision order under Section 263, finding the Assessing Officer's assessment erroneous and prejudicial to revenue interests due to inadequate inquiry. The appeal was dismissed, directing a fresh assessment with thorough verification of eligibility for exemption under Section 54B of the Income Tax Act, emphasizing the importance of strict compliance with exemption provisions and proper inquiry by the Assessing Officer. Case-Laws Income Tax Wed, 21 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431895