https://www.taxtmi.com/caselaws?id=436209 The Tribunal quashed the CIT's order under section 263 of the Income Tax Act, setting aside the assessment order passed under sections 147 and 143(3). The Tribunal found that the CIT failed to demonstrate how the assessment order was erroneous and prejudicial to the interest of Revenue, as the Assessing Officer had properly considered the transaction. The Tribunal concluded that the CIT's decision to set aside the order for a de novo inquiry was not warranted, leading to the appeal being allowed in favor of the assessee. en-us Mon, 27 Mar 2023 00:00:00 +0530 Fri, 07 Apr 2023 08:43:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=436209 The Tribunal quashed the CIT's order under section 263 of the Income Tax Act, setting aside the assessment order passed under sections 147 and 143(3). The Tribunal found that the CIT failed to demonstrate how the assessment order was erroneous and prejudicial to the interest of Revenue, as the Assessing Officer had properly considered the transaction. The Tribunal concluded that the CIT's decision to set aside the order for a de novo inquiry was not warranted, leading to the appeal being allowed in favor of the assessee. Case-Laws Income Tax Mon, 27 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=436209