https://www.taxtmi.com/caselaws?id=436069 The Tribunal set aside the Principal Commissioner of Income Tax's order invoking Section 263 of the Income Tax Act, 1961, finding that the assessment order under Section 143(3) was not erroneous or prejudicial to revenue. The Tribunal accepted the assessee's explanations regarding cash deposits and the set-off amount of Rs. 98,09,203, emphasizing that the PCIT failed to consider the evidence provided and acted against the spirit of Section 263. The appeal was allowed, and the PCIT's order was overturned on 22nd March 2023 in Ahmedabad. en-us Wed, 22 Mar 2023 00:00:00 +0530 Tue, 04 Apr 2023 08:30:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=436069 The Tribunal set aside the Principal Commissioner of Income Tax's order invoking Section 263 of the Income Tax Act, 1961, finding that the assessment order under Section 143(3) was not erroneous or prejudicial to revenue. The Tribunal accepted the assessee's explanations regarding cash deposits and the set-off amount of Rs. 98,09,203, emphasizing that the PCIT failed to consider the evidence provided and acted against the spirit of Section 263. The appeal was allowed, and the PCIT's order was overturned on 22nd March 2023 in Ahmedabad. Case-Laws Income Tax Wed, 22 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=436069