https://www.taxtmi.com/caselaws?id=436203 The Tribunal held that the assessment order under Section 143(3) was not erroneous, leading to the quashing of the Principal Commissioner of Income-tax's order under Section 263. The invocation of Section 79 regarding set-off of carried forward losses was deemed inapplicable due to no substantial change in beneficial ownership. The Tribunal also found that the Assessing Officer had conducted necessary enquiries and that the principles of natural justice were violated in the PCIT's order. The direction to initiate penalty proceedings under Section 270A was quashed, and the appeal by the assessee was allowed. en-us Thu, 23 Feb 2023 00:00:00 +0530 Fri, 07 Apr 2023 08:42:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=436203 The Tribunal held that the assessment order under Section 143(3) was not erroneous, leading to the quashing of the Principal Commissioner of Income-tax's order under Section 263. The invocation of Section 79 regarding set-off of carried forward losses was deemed inapplicable due to no substantial change in beneficial ownership. The Tribunal also found that the Assessing Officer had conducted necessary enquiries and that the principles of natural justice were violated in the PCIT's order. The direction to initiate penalty proceedings under Section 270A was quashed, and the appeal by the assessee was allowed. Case-Laws Income Tax Thu, 23 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=436203