https://www.taxtmi.com/caselaws?id=433686 The Tribunal quashed the Principal Commissioner of Income Tax's order under Section 263, holding that the Assessing Officer's original assessment order was not erroneous or prejudicial to Revenue. The Tribunal allowed the assessee's appeal, emphasizing that the AO conducted necessary inquiries and verification before allowing deductions under Sections 54B and 54F. It was ruled that the PCIT cannot invoke revisionary powers under Section 263 solely based on a different opinion, especially when the AO's decision is legally sound. en-us Tue, 24 Jan 2023 00:00:00 +0530 Tue, 07 Feb 2023 10:08:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=433686 The Tribunal quashed the Principal Commissioner of Income Tax's order under Section 263, holding that the Assessing Officer's original assessment order was not erroneous or prejudicial to Revenue. The Tribunal allowed the assessee's appeal, emphasizing that the AO conducted necessary inquiries and verification before allowing deductions under Sections 54B and 54F. It was ruled that the PCIT cannot invoke revisionary powers under Section 263 solely based on a different opinion, especially when the AO's decision is legally sound. Case-Laws Income Tax Tue, 24 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=433686