https://www.taxtmi.com/caselaws?id=432149 The Tribunal allowed all the appeals of the assessee, quashing the orders passed under Section 263 by the Ld. PCIT. It reiterated that for the exercise of jurisdiction under Section 263, the order must be both erroneous and prejudicial to the revenue. The Tribunal held that in the absence of incriminating material, the assessment framed under Section 143(3) read with Section 153A cannot be considered erroneous or prejudicial to the revenue. Additionally, it emphasized that revisionary jurisdiction under Section 263 is invalid if the approval under Section 153D is not revised, and upheld the validity of deductions claimed under Section 35(2AB) based on DSIR approval. en-us Tue, 20 Dec 2022 00:00:00 +0530 Thu, 29 Dec 2022 09:13:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=432149 The Tribunal allowed all the appeals of the assessee, quashing the orders passed under Section 263 by the Ld. PCIT. It reiterated that for the exercise of jurisdiction under Section 263, the order must be both erroneous and prejudicial to the revenue. The Tribunal held that in the absence of incriminating material, the assessment framed under Section 143(3) read with Section 153A cannot be considered erroneous or prejudicial to the revenue. Additionally, it emphasized that revisionary jurisdiction under Section 263 is invalid if the approval under Section 153D is not revised, and upheld the validity of deductions claimed under Section 35(2AB) based on DSIR approval. Case-Laws Income Tax Tue, 20 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=432149