https://www.taxtmi.com/caselaws?id=307122 The Tribunal allowed the appeal, quashing the revision order passed by the Principal Commissioner of Income Tax (PCIT) under Section 263. The Tribunal held that the PCIT lacked jurisdiction to revise the assessment order, which had already merged with the appellate order. Additionally, the Tribunal condoned the delay in filing the appeal, citing reasons including reliance on professional advice and the COVID-19 lockdown. The appeal was admitted for adjudication on merits, and the Tribunal affirmed that the Assessing Officer had correctly computed the Book Profit under Section 115JB. en-us Tue, 15 Mar 2022 00:00:00 +0530 Mon, 20 Mar 2023 21:01:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=307122 The Tribunal allowed the appeal, quashing the revision order passed by the Principal Commissioner of Income Tax (PCIT) under Section 263. The Tribunal held that the PCIT lacked jurisdiction to revise the assessment order, which had already merged with the appellate order. Additionally, the Tribunal condoned the delay in filing the appeal, citing reasons including reliance on professional advice and the COVID-19 lockdown. The appeal was admitted for adjudication on merits, and the Tribunal affirmed that the Assessing Officer had correctly computed the Book Profit under Section 115JB. Case-Laws Income Tax Tue, 15 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=307122