https://www.taxtmi.com/caselaws?id=436113 The appeal challenged an order under section 263 of the Income Tax Act for Assessment Year 2017-18. The court found that the Principal CIT's decision to invoke section 263 was unlawful as the Assessing Officer's view was plausible and not erroneous, meeting the twin conditions required for invoking section 263. The court emphasized the need for an order to be both erroneous and prejudicial to Revenue for section 263 to apply. Consequently, the appeal was allowed, and the Principal CIT's order was deemed bad in law and annulled. en-us Wed, 22 Mar 2023 00:00:00 +0530 Wed, 05 Apr 2023 08:58:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=436113 The appeal challenged an order under section 263 of the Income Tax Act for Assessment Year 2017-18. The court found that the Principal CIT's decision to invoke section 263 was unlawful as the Assessing Officer's view was plausible and not erroneous, meeting the twin conditions required for invoking section 263. The court emphasized the need for an order to be both erroneous and prejudicial to Revenue for section 263 to apply. Consequently, the appeal was allowed, and the Principal CIT's order was deemed bad in law and annulled. Case-Laws Income Tax Wed, 22 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=436113