https://www.taxtmi.com/caselaws?id=310039 The Tribunal held that the Commissioner of Income Tax erred in assuming jurisdiction under Section 263 of the Income Tax Act. It was determined that the Assessing Officer had conducted adequate enquiries, the appellant had provided detailed responses, and the AO's decision was a valid view. The Tribunal emphasized that the CIT cannot substitute his view if the AO has taken a possible view. As the conditions for the order to be erroneous and prejudicial to the Revenue were not met, the impugned order was quashed, and the appeal by the assessee was allowed. en-us Fri, 05 Aug 2022 00:00:00 +0530 Wed, 04 Oct 2023 07:19:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310039 The Tribunal held that the Commissioner of Income Tax erred in assuming jurisdiction under Section 263 of the Income Tax Act. It was determined that the Assessing Officer had conducted adequate enquiries, the appellant had provided detailed responses, and the AO's decision was a valid view. The Tribunal emphasized that the CIT cannot substitute his view if the AO has taken a possible view. As the conditions for the order to be erroneous and prejudicial to the Revenue were not met, the impugned order was quashed, and the appeal by the assessee was allowed. Case-Laws Income Tax Fri, 05 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310039