https://www.taxtmi.com/caselaws?id=435722 The Tribunal ruled in favor of the assessee, determining that the assessment order was not erroneous or prejudicial to the interest of revenue. It held that the initiation of proceedings under Section 263 based on audit objections was impermissible, as the AO had conducted necessary enquiries and taken a reasonable stance. Consequently, the orders issued by the Principal Commissioner under Section 263 were revoked, and the appeals of the assessees were upheld. en-us Wed, 22 Mar 2023 00:00:00 +0530 Fri, 24 Mar 2023 12:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=435722 The Tribunal ruled in favor of the assessee, determining that the assessment order was not erroneous or prejudicial to the interest of revenue. It held that the initiation of proceedings under Section 263 based on audit objections was impermissible, as the AO had conducted necessary enquiries and taken a reasonable stance. Consequently, the orders issued by the Principal Commissioner under Section 263 were revoked, and the appeals of the assessees were upheld. Case-Laws Income Tax Wed, 22 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=435722