https://www.taxtmi.com/caselaws?id=448439 ITAT Chennai set aside CIT(Exemptions) order under Section 263 regarding trust assessment. The tribunal held that AO's assessment was neither erroneous nor prejudicial to revenue interest. AO had conducted proper enquiries about trust's objects, activities, and expenditure during assessment proceedings under Section 143(3). CIT(Exemptions) incorrectly presumed AO lacked relevant information and wrongly applied SC judgment retrospectively to earlier assessment year. The tribunal emphasized that res judicata doesn't apply to income tax proceedings and different views can be taken for subsequent years. Appeal allowed, Section 263 order quashed. en-us Fri, 10 Nov 2023 00:00:00 +0530 Fri, 19 Jan 2024 08:48:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448439 ITAT Chennai set aside CIT(Exemptions) order under Section 263 regarding trust assessment. The tribunal held that AO's assessment was neither erroneous nor prejudicial to revenue interest. AO had conducted proper enquiries about trust's objects, activities, and expenditure during assessment proceedings under Section 143(3). CIT(Exemptions) incorrectly presumed AO lacked relevant information and wrongly applied SC judgment retrospectively to earlier assessment year. The tribunal emphasized that res judicata doesn't apply to income tax proceedings and different views can be taken for subsequent years. Appeal allowed, Section 263 order quashed. Case-Laws Income Tax Fri, 10 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448439