https://www.taxtmi.com/caselaws?id=435163 The Tribunal upheld the ld. PCIT's decision to exercise revisionary powers under section 263, setting aside the assessment order due to the Assessing Officer's failure to examine crucial items, leading to an erroneous and prejudicial order. The appellant's argument that limited scrutiny justified non-verification of other items was rejected, emphasizing the necessity for thorough examination in assessment proceedings. The Tribunal affirmed the validity of the ld. PCIT's jurisdiction under section 263, emphasizing the importance of Assessing Officers taking plausible views supported by evidence and appellants providing explanations to ensure the integrity of the assessment process and protect Revenue's interests. en-us Fri, 03 Feb 2023 00:00:00 +0530 Tue, 14 Mar 2023 08:58:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=435163 The Tribunal upheld the ld. PCIT's decision to exercise revisionary powers under section 263, setting aside the assessment order due to the Assessing Officer's failure to examine crucial items, leading to an erroneous and prejudicial order. The appellant's argument that limited scrutiny justified non-verification of other items was rejected, emphasizing the necessity for thorough examination in assessment proceedings. The Tribunal affirmed the validity of the ld. PCIT's jurisdiction under section 263, emphasizing the importance of Assessing Officers taking plausible views supported by evidence and appellants providing explanations to ensure the integrity of the assessment process and protect Revenue's interests. Case-Laws Income Tax Fri, 03 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=435163