https://www.taxtmi.com/caselaws?id=438018 The Tribunal held that the AO had applied his mind during the assessment, took a possible view on taxability of surrendered income, and the revision under Section 263 based on a mere difference of opinion was unsustainable. The original assessment was deemed to have been conducted with due consideration, as detailed replies were provided and the AO accepted the surrendered income as business income. The Tribunal concluded that the AO's order was not erroneous or prejudicial to the Revenue, allowing the assessee's appeal and dismissing grounds related to jurisdiction and audit objections. en-us Thu, 09 Mar 2023 00:00:00 +0530 Sat, 20 May 2023 08:49:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=438018 The Tribunal held that the AO had applied his mind during the assessment, took a possible view on taxability of surrendered income, and the revision under Section 263 based on a mere difference of opinion was unsustainable. The original assessment was deemed to have been conducted with due consideration, as detailed replies were provided and the AO accepted the surrendered income as business income. The Tribunal concluded that the AO's order was not erroneous or prejudicial to the Revenue, allowing the assessee's appeal and dismissing grounds related to jurisdiction and audit objections. Case-Laws Income Tax Thu, 09 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=438018