https://www.taxtmi.com/caselaws?id=436499 The Appellate Tribunal ITAT Chennai ruled in favor of the assessee, quashing the revision order passed by the Principal Commissioner of Income Tax under section 263 of the Income-tax Act for the assessment year 2017-18. The Tribunal held that the assessment order was not erroneous or prejudicial to revenue interests, emphasizing that the AO's estimation methodology was valid based on reliable information. The Tribunal found the PCIT's selective criticism of tomato crop yield estimation unreasonable and concluded that unless the AO's approach was legally unsustainable, the PCIT could not revise the order. The appeal was allowed, and the order was pronounced on 24th March 2023 in Chennai. en-us Fri, 24 Mar 2023 00:00:00 +0530 Fri, 14 Apr 2023 09:01:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=436499 The Appellate Tribunal ITAT Chennai ruled in favor of the assessee, quashing the revision order passed by the Principal Commissioner of Income Tax under section 263 of the Income-tax Act for the assessment year 2017-18. The Tribunal held that the assessment order was not erroneous or prejudicial to revenue interests, emphasizing that the AO's estimation methodology was valid based on reliable information. The Tribunal found the PCIT's selective criticism of tomato crop yield estimation unreasonable and concluded that unless the AO's approach was legally unsustainable, the PCIT could not revise the order. The appeal was allowed, and the order was pronounced on 24th March 2023 in Chennai. Case-Laws Income Tax Fri, 24 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=436499