https://www.taxtmi.com/caselaws?id=759323 The Tribunal allowed the appeal filed by the assessee, concluding that the PCIT's decision under section 263 of the Income Tax Act, 1961, to set aside the assessment order was unwarranted. The Tribunal determined that the Assessing Officer had adequately examined the notional guarantee income, which did not result in revenue loss. The PCIT's action was deemed a second view, impermissible under section 263, as the assessment order was neither erroneous nor prejudicial to the revenue. en-us Wed, 25 Sep 2024 00:00:00 +0530 Sat, 28 Sep 2024 08:11:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759323 The Tribunal allowed the appeal filed by the assessee, concluding that the PCIT's decision under section 263 of the Income Tax Act, 1961, to set aside the assessment order was unwarranted. The Tribunal determined that the Assessing Officer had adequately examined the notional guarantee income, which did not result in revenue loss. The PCIT's action was deemed a second view, impermissible under section 263, as the assessment order was neither erroneous nor prejudicial to the revenue. Case-Laws Income Tax Wed, 25 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759323