https://www.taxtmi.com/caselaws?id=436155 The Tribunal held that the Principal Commissioner of Income Tax (PCIT) exceeded jurisdiction under section 263 by relying solely on the Assessing Officer's proposal without independent examination. The Tribunal found the PCIT's actions defective, emphasizing the necessity for the PCIT to independently assess if an order is erroneous before invoking section 263. As the Assessing Officer had already examined the issue of unsecured loans, the Tribunal allowed the assessee's appeal, quashing the impugned order as the jurisdiction under section 263 cannot be invoked on an issue already addressed during assessment proceedings. en-us Mon, 20 Feb 2023 00:00:00 +0530 Wed, 05 Apr 2023 10:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=436155 The Tribunal held that the Principal Commissioner of Income Tax (PCIT) exceeded jurisdiction under section 263 by relying solely on the Assessing Officer's proposal without independent examination. The Tribunal found the PCIT's actions defective, emphasizing the necessity for the PCIT to independently assess if an order is erroneous before invoking section 263. As the Assessing Officer had already examined the issue of unsecured loans, the Tribunal allowed the assessee's appeal, quashing the impugned order as the jurisdiction under section 263 cannot be invoked on an issue already addressed during assessment proceedings. Case-Laws Income Tax Mon, 20 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=436155