https://www.taxtmi.com/caselaws?id=439231 The Tribunal set aside the Commissioner of Income Tax's order under Section 263 and restored the Assessing Officer's original assessment order. The Tribunal found that the Commissioner wrongly assumed jurisdiction, the assessment order was valid, the assessee was entitled to treaty benefits, the computation of capital gains/losses was adequate, and the Assessing Officer's inquiry was deemed satisfactory. The Tribunal emphasized that for Section 263 to apply, the order must be both erroneous and prejudicial to the Revenue's interest, which was not the case here. The assessee's appeal was allowed. en-us Mon, 13 Feb 2023 00:00:00 +0530 Mon, 19 Jun 2023 15:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=439231 The Tribunal set aside the Commissioner of Income Tax's order under Section 263 and restored the Assessing Officer's original assessment order. The Tribunal found that the Commissioner wrongly assumed jurisdiction, the assessment order was valid, the assessee was entitled to treaty benefits, the computation of capital gains/losses was adequate, and the Assessing Officer's inquiry was deemed satisfactory. The Tribunal emphasized that for Section 263 to apply, the order must be both erroneous and prejudicial to the Revenue's interest, which was not the case here. The assessee's appeal was allowed. Case-Laws Income Tax Mon, 13 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=439231