https://www.taxtmi.com/caselaws?id=437297 The tribunal held that the invocation of jurisdiction by the Ld CIT(E) under section 263 of the Income Tax Act was invalid as the AO had conducted inquiries and the Ld CIT(E) failed to establish any error. The tribunal quashed the revision order, ruling in favor of the assessee, a non-profit organization, regarding the utilization of accumulated income. The AO's acceptance of the utilization was considered valid, and the Ld CIT(E) was criticized for initiating revision jurisdiction without proper verification, leading to the appeal being allowed in favor of the assessee. en-us Mon, 02 Jan 2023 00:00:00 +0530 Wed, 03 May 2023 08:58:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=437297 The tribunal held that the invocation of jurisdiction by the Ld CIT(E) under section 263 of the Income Tax Act was invalid as the AO had conducted inquiries and the Ld CIT(E) failed to establish any error. The tribunal quashed the revision order, ruling in favor of the assessee, a non-profit organization, regarding the utilization of accumulated income. The AO's acceptance of the utilization was considered valid, and the Ld CIT(E) was criticized for initiating revision jurisdiction without proper verification, leading to the appeal being allowed in favor of the assessee. Case-Laws Income Tax Mon, 02 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=437297