https://www.taxtmi.com/caselaws?id=439964 The Tribunal quashed the Principal Commissioner of Income Tax's assumption of jurisdiction under Section 263, upholding the Assessing Officer's order as not erroneous or prejudicial. The Tribunal affirmed the classification of the assessee's income under "Income from Business and Profession," rejecting the Pr. CIT's restrictive interpretation of the CBDT Circular. The decision emphasized that the AO's order was well-founded on legal precedents and thorough inquiry, leading to the appeal's allowance in favor of the assessee. en-us Mon, 03 Jul 2023 00:00:00 +0530 Thu, 06 Jul 2023 11:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=439964 The Tribunal quashed the Principal Commissioner of Income Tax's assumption of jurisdiction under Section 263, upholding the Assessing Officer's order as not erroneous or prejudicial. The Tribunal affirmed the classification of the assessee's income under "Income from Business and Profession," rejecting the Pr. CIT's restrictive interpretation of the CBDT Circular. The decision emphasized that the AO's order was well-founded on legal precedents and thorough inquiry, leading to the appeal's allowance in favor of the assessee. Case-Laws Income Tax Mon, 03 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=439964