https://www.taxtmi.com/caselaws?id=309831 The appeal was dismissed, upholding the Principal Commissioner's jurisdiction to invoke Section 263 of the Income-tax Act. The judgment stressed the need for proper inquiry and application of mind by the Assessing Officer, supporting the correction of erroneous orders prejudicial to revenue. The issue of setoff of pro-rata interest paid was not decided on its merits, as the PCIT did not provide a finding. The case emphasized the importance of thorough assessment procedures and allowed for a denovo consideration of the assessment by the Assessing Officer. en-us Thu, 27 Oct 2022 00:00:00 +0530 Fri, 22 Sep 2023 18:26:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=309831 The appeal was dismissed, upholding the Principal Commissioner's jurisdiction to invoke Section 263 of the Income-tax Act. The judgment stressed the need for proper inquiry and application of mind by the Assessing Officer, supporting the correction of erroneous orders prejudicial to revenue. The issue of setoff of pro-rata interest paid was not decided on its merits, as the PCIT did not provide a finding. The case emphasized the importance of thorough assessment procedures and allowed for a denovo consideration of the assessment by the Assessing Officer. Case-Laws Income Tax Thu, 27 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=309831