https://www.taxtmi.com/caselaws?id=440067 The Tribunal allowed the grounds of appeal raised by the assessee and set aside the order of the Principal Commissioner of Income Tax (CIT) under Section 263. The Tribunal held that the CIT cannot substitute his view for that of the Assessing Officer (AO) if the AO's decision is legally plausible. The initiation of Section 263 proceedings by the CIT was deemed unjustified as the AO had conducted thorough inquiries and correctly applied the law. The appeal of the assessee was allowed, and the Tribunal pronounced the order on 05-07-2023. en-us Wed, 05 Jul 2023 00:00:00 +0530 Thu, 06 Jul 2023 15:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=440067 The Tribunal allowed the grounds of appeal raised by the assessee and set aside the order of the Principal Commissioner of Income Tax (CIT) under Section 263. The Tribunal held that the CIT cannot substitute his view for that of the Assessing Officer (AO) if the AO's decision is legally plausible. The initiation of Section 263 proceedings by the CIT was deemed unjustified as the AO had conducted thorough inquiries and correctly applied the law. The appeal of the assessee was allowed, and the Tribunal pronounced the order on 05-07-2023. Case-Laws Income Tax Wed, 05 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=440067