https://www.taxtmi.com/caselaws?id=450081 The ITAT set aside the revision order passed by Ld. Pr. CIT under section 263 of the Income-tax Act, 1961, which had deemed the original assessment under section 143(3) as erroneous and prejudicial to revenue. The Tribunal found that the original assessment by the AO was neither erroneous nor prejudicial, as the AO had conducted adequate inquiries and accepted the explanations provided by the assessee. Consequently, the Tribunal restored the original assessment order, allowing the grounds of appeal raised by the assessee. The appeal was allowed, and the decision was pronounced in open court. en-us Fri, 23 Feb 2024 00:00:00 +0530 Tue, 27 Feb 2024 08:44:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450081 The ITAT set aside the revision order passed by Ld. Pr. CIT under section 263 of the Income-tax Act, 1961, which had deemed the original assessment under section 143(3) as erroneous and prejudicial to revenue. The Tribunal found that the original assessment by the AO was neither erroneous nor prejudicial, as the AO had conducted adequate inquiries and accepted the explanations provided by the assessee. Consequently, the Tribunal restored the original assessment order, allowing the grounds of appeal raised by the assessee. The appeal was allowed, and the decision was pronounced in open court. Case-Laws Income Tax Fri, 23 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450081