https://www.taxtmi.com/caselaws?id=439965 The Tribunal upheld the Principal Commissioner of Income Tax's jurisdiction under Section 263, determining that the information from the audit party was validly considered. It found that the Principal Commissioner had independently reviewed the assessment records and identified deficiencies in the Assessing Officer's order, particularly regarding the verification of the agricultural land sale claim. Consequently, the Tribunal agreed that the Assessing Officer's order was erroneous and prejudicial to revenue, dismissing the assessee's appeal and affirming the Principal Commissioner's decision under Section 263 of the Income-tax Act. en-us Tue, 04 Jul 2023 00:00:00 +0530 Thu, 06 Jul 2023 07:57:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=439965 The Tribunal upheld the Principal Commissioner of Income Tax's jurisdiction under Section 263, determining that the information from the audit party was validly considered. It found that the Principal Commissioner had independently reviewed the assessment records and identified deficiencies in the Assessing Officer's order, particularly regarding the verification of the agricultural land sale claim. Consequently, the Tribunal agreed that the Assessing Officer's order was erroneous and prejudicial to revenue, dismissing the assessee's appeal and affirming the Principal Commissioner's decision under Section 263 of the Income-tax Act. Case-Laws Income Tax Tue, 04 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=439965