https://www.taxtmi.com/caselaws?id=434447 The Tribunal found that the Principal Commissioner of Income Tax (PCIT) erred in setting aside the original assessment order and directing a fresh assessment. The Tribunal held that the original assessment order was not erroneous or prejudicial to the Revenue's interest. The PCIT's jurisdiction under Section 263 was deemed unwarranted, and the appeal of the assessee was allowed. The Tribunal confirmed that the Assessing Officer had appropriately allowed the exemption under Section 54F, emphasizing that necessary inquiries were conducted during the original assessment proceedings. en-us Wed, 22 Feb 2023 00:00:00 +0530 Fri, 24 Feb 2023 09:07:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=434447 The Tribunal found that the Principal Commissioner of Income Tax (PCIT) erred in setting aside the original assessment order and directing a fresh assessment. The Tribunal held that the original assessment order was not erroneous or prejudicial to the Revenue's interest. The PCIT's jurisdiction under Section 263 was deemed unwarranted, and the appeal of the assessee was allowed. The Tribunal confirmed that the Assessing Officer had appropriately allowed the exemption under Section 54F, emphasizing that necessary inquiries were conducted during the original assessment proceedings. Case-Laws Income Tax Wed, 22 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=434447