https://www.taxtmi.com/caselaws?id=312435 The Tribunal ruled in favor of the assessee, quashing the Principal Commissioner of Income Tax's (PCIT) order. It held that the PCIT exceeded jurisdiction by deeming the assessment under Section 143(3) erroneous without verifying the income classification. The limited scrutiny was specifically for verifying the depreciation claim and did not allow inquiry into whether the income should be assessed under "business income" or "other sources." Consequently, the PCIT's revisional order was deemed unsustainable, and the appeal by the assessee was allowed. en-us Fri, 08 Dec 2023 00:00:00 +0530 Sat, 17 Feb 2024 06:51:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312435 The Tribunal ruled in favor of the assessee, quashing the Principal Commissioner of Income Tax's (PCIT) order. It held that the PCIT exceeded jurisdiction by deeming the assessment under Section 143(3) erroneous without verifying the income classification. The limited scrutiny was specifically for verifying the depreciation claim and did not allow inquiry into whether the income should be assessed under "business income" or "other sources." Consequently, the PCIT's revisional order was deemed unsustainable, and the appeal by the assessee was allowed. Case-Laws Income Tax Fri, 08 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312435