https://www.taxtmi.com/caselaws?id=307714 The Tribunal set aside the Principal Commissioner of Income Tax's (PCIT) order under Section 263, as it did not meet the criteria of being "erroneous and prejudicial to the interest of revenue." The Tribunal found that the Assessing Officer had conducted a proper inquiry and taken a plausible view supported by evidence. The appeal of the assessee was allowed, emphasizing that the PCIT cannot override the AO's judgment when it is reasonable and well-founded. en-us Mon, 31 Oct 2022 00:00:00 +0530 Mon, 01 May 2023 21:30:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=307714 The Tribunal set aside the Principal Commissioner of Income Tax's (PCIT) order under Section 263, as it did not meet the criteria of being "erroneous and prejudicial to the interest of revenue." The Tribunal found that the Assessing Officer had conducted a proper inquiry and taken a plausible view supported by evidence. The appeal of the assessee was allowed, emphasizing that the PCIT cannot override the AO's judgment when it is reasonable and well-founded. Case-Laws Income Tax Mon, 31 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=307714