https://www.taxtmi.com/caselaws?id=443050 The Tribunal upheld the Principal Commissioner's decision to set aside the assessment order under section 143(3) of the Income Tax Act, 1961. The appellant's challenge to the assumption of jurisdiction by the Principal Commissioner under section 263 was rejected, despite a condonation of the time-barred appeal due to pandemic-related delays. The Tribunal found that the assessing officer failed to adequately verify the claim of deduction under section 54B, leading to discrepancies and ultimately dismissing the appeal on 19-07-2023. en-us Wed, 19 Jul 2023 00:00:00 +0530 Fri, 15 Sep 2023 08:53:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=443050 The Tribunal upheld the Principal Commissioner's decision to set aside the assessment order under section 143(3) of the Income Tax Act, 1961. The appellant's challenge to the assumption of jurisdiction by the Principal Commissioner under section 263 was rejected, despite a condonation of the time-barred appeal due to pandemic-related delays. The Tribunal found that the assessing officer failed to adequately verify the claim of deduction under section 54B, leading to discrepancies and ultimately dismissing the appeal on 19-07-2023. Case-Laws Income Tax Wed, 19 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=443050