https://www.taxtmi.com/caselaws?id=444552 The Tribunal quashed the PCIT's order under Section 263, concluding that the assessment order was neither erroneous nor prejudicial to the interest of the Revenue. The Tribunal found that the AO had conducted adequate inquiries regarding depreciation on new assets, GST input credit lapse, and disallowance under Section 43B. Consequently, the jurisdictional conditions for invoking Section 263 were not satisfied. The appeal by the assessee, a Cooperative Bank, was allowed, thereby invalidating the PCIT's directive for reassessment. en-us Mon, 16 Oct 2023 00:00:00 +0530 Tue, 17 Oct 2023 10:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=444552 The Tribunal quashed the PCIT's order under Section 263, concluding that the assessment order was neither erroneous nor prejudicial to the interest of the Revenue. The Tribunal found that the AO had conducted adequate inquiries regarding depreciation on new assets, GST input credit lapse, and disallowance under Section 43B. Consequently, the jurisdictional conditions for invoking Section 263 were not satisfied. The appeal by the assessee, a Cooperative Bank, was allowed, thereby invalidating the PCIT's directive for reassessment. Case-Laws Income Tax Mon, 16 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=444552