https://www.taxtmi.com/caselaws?id=439449 The tribunal dismissed the appeal, upholding the Principal Commissioner of Income Tax's order invoking section 263 and setting aside the assessment for a denovo assessment. The delay in filing the appeal was condoned as the assessee acted on legal advice. The tribunal found the original assessment erroneous due to the assessing officer's failure to inquire into significant issues, such as large commission expenses and low net profit, justifying the revisionary jurisdiction under section 263. The tribunal upheld the order for a denovo assessment based on the lack of necessary inquiries by the assessing officer. en-us Fri, 26 May 2023 00:00:00 +0530 Sat, 24 Jun 2023 17:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=439449 The tribunal dismissed the appeal, upholding the Principal Commissioner of Income Tax's order invoking section 263 and setting aside the assessment for a denovo assessment. The delay in filing the appeal was condoned as the assessee acted on legal advice. The tribunal found the original assessment erroneous due to the assessing officer's failure to inquire into significant issues, such as large commission expenses and low net profit, justifying the revisionary jurisdiction under section 263. The tribunal upheld the order for a denovo assessment based on the lack of necessary inquiries by the assessing officer. Case-Laws Income Tax Fri, 26 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=439449