https://www.taxtmi.com/caselaws?id=443209 The Tribunal quashed the revisionary order under section 263 of the Income Tax Act, holding it to be invalid. It found that the Assessing Officer had conducted proper inquiries and had taken a possible view based on the evidence available. The Tribunal emphasized that a mere difference of opinion between the AO and the Principal Commissioner of Income Tax is not sufficient grounds for invoking section 263. As a result, the Tribunal allowed the appeal of the assessee, ruling in favor of the assessee and against the revisionary order. en-us Mon, 29 May 2023 00:00:00 +0530 Tue, 19 Sep 2023 12:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=443209 The Tribunal quashed the revisionary order under section 263 of the Income Tax Act, holding it to be invalid. It found that the Assessing Officer had conducted proper inquiries and had taken a possible view based on the evidence available. The Tribunal emphasized that a mere difference of opinion between the AO and the Principal Commissioner of Income Tax is not sufficient grounds for invoking section 263. As a result, the Tribunal allowed the appeal of the assessee, ruling in favor of the assessee and against the revisionary order. Case-Laws Income Tax Mon, 29 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=443209