https://www.taxtmi.com/caselaws?id=440225 The ITAT allowed the appeal filed by the assessee, finding no error in the AO's order to justify the initiation of section 263 proceedings by the Principal CIT. The time-barred appeal was condoned due to the Covid-19 period. The disallowance of director's remuneration and the invocation of section 263 were challenged, with the ITAT emphasizing that the Principal CIT cannot substitute judgment unless the decision is wholly erroneous. The ITAT held that the assessing officer's inquiry was adequate, leading to the conclusion that the appeal of the assessee was allowed. en-us Wed, 05 Jul 2023 00:00:00 +0530 Thu, 13 Jul 2023 12:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=440225 The ITAT allowed the appeal filed by the assessee, finding no error in the AO's order to justify the initiation of section 263 proceedings by the Principal CIT. The time-barred appeal was condoned due to the Covid-19 period. The disallowance of director's remuneration and the invocation of section 263 were challenged, with the ITAT emphasizing that the Principal CIT cannot substitute judgment unless the decision is wholly erroneous. The ITAT held that the assessing officer's inquiry was adequate, leading to the conclusion that the appeal of the assessee was allowed. Case-Laws Income Tax Wed, 05 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=440225