https://www.taxtmi.com/caselaws?id=436263 The Tribunal allowed the appeal, condoning the delay in filing based on bona fide belief. It held that the PCIT exceeded jurisdiction under Section 263, finding errors in assuming jurisdiction over penalty proceedings and verification of interest income sources. The Tribunal ruled in favor of the assessee, quashing the PCIT's order and determining the assessment order by the AO as not erroneous or prejudicial to Revenue interests. en-us Thu, 06 Apr 2023 00:00:00 +0530 Sat, 08 Apr 2023 08:47:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=436263 The Tribunal allowed the appeal, condoning the delay in filing based on bona fide belief. It held that the PCIT exceeded jurisdiction under Section 263, finding errors in assuming jurisdiction over penalty proceedings and verification of interest income sources. The Tribunal ruled in favor of the assessee, quashing the PCIT's order and determining the assessment order by the AO as not erroneous or prejudicial to Revenue interests. Case-Laws Income Tax Thu, 06 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=436263