https://www.taxtmi.com/caselaws?id=435844 The Appellate Tribunal ruled in favor of the assessee, quashing the Principal Commissioner of Income Tax's order under Section 263. The Tribunal found the reassessment flawed as it was initiated beyond the prescribed time limit without the assessee's failure to disclose material facts. It emphasized that the Assessing Officer cannot independently assess other incomes if the originally believed escaped income was later found not to have done so. The Tribunal held that the PCIT's revision based on a revenue audit objection was invalid and time-barred, as the original assessment was completed before the revision was initiated. en-us Thu, 16 Mar 2023 00:00:00 +0530 Tue, 28 Mar 2023 10:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=435844 The Appellate Tribunal ruled in favor of the assessee, quashing the Principal Commissioner of Income Tax's order under Section 263. The Tribunal found the reassessment flawed as it was initiated beyond the prescribed time limit without the assessee's failure to disclose material facts. It emphasized that the Assessing Officer cannot independently assess other incomes if the originally believed escaped income was later found not to have done so. The Tribunal held that the PCIT's revision based on a revenue audit objection was invalid and time-barred, as the original assessment was completed before the revision was initiated. Case-Laws Income Tax Thu, 16 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=435844