https://www.taxtmi.com/caselaws?id=435424 The Tribunal allowed the appeal of the assessee and quashed the order passed under Section 263 by the Principal Commissioner of Income Tax (PCIT). The Tribunal held that the assessment order was not erroneous or prejudicial to the interest of the revenue, as the Assessing Officer had applied his mind during the assessment process. The Tribunal emphasized that the PCIT's findings lacked cogent material and that the AO had conducted a thorough verification process in which the assessee had actively participated. The Tribunal referred to relevant case law to support its decision. en-us Fri, 11 Nov 2022 00:00:00 +0530 Fri, 17 Mar 2023 15:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=435424 The Tribunal allowed the appeal of the assessee and quashed the order passed under Section 263 by the Principal Commissioner of Income Tax (PCIT). The Tribunal held that the assessment order was not erroneous or prejudicial to the interest of the revenue, as the Assessing Officer had applied his mind during the assessment process. The Tribunal emphasized that the PCIT's findings lacked cogent material and that the AO had conducted a thorough verification process in which the assessee had actively participated. The Tribunal referred to relevant case law to support its decision. Case-Laws Income Tax Fri, 11 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=435424