https://www.taxtmi.com/caselaws?id=439345 The Tribunal set aside the Principal Commissioner of Income Tax's assumption of jurisdiction under section 263 of the Income-tax Act, 1961, and restored the assessment order dated 29.12.2017. The Tribunal found that the Assessing Officer had conducted proper inquiries, and the order was not erroneous or prejudicial to the revenue. The appeal filed by the assessee was allowed, emphasizing that the power under section 263 can only be exercised in cases where the assessment order is both erroneous and prejudicial to revenue. en-us Fri, 09 Jun 2023 00:00:00 +0530 Thu, 22 Jun 2023 09:06:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=439345 The Tribunal set aside the Principal Commissioner of Income Tax's assumption of jurisdiction under section 263 of the Income-tax Act, 1961, and restored the assessment order dated 29.12.2017. The Tribunal found that the Assessing Officer had conducted proper inquiries, and the order was not erroneous or prejudicial to the revenue. The appeal filed by the assessee was allowed, emphasizing that the power under section 263 can only be exercised in cases where the assessment order is both erroneous and prejudicial to revenue. Case-Laws Income Tax Fri, 09 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=439345