https://www.taxtmi.com/caselaws?id=458983 The Tribunal determined that the Assessing Officer (A.O.) conducted adequate inquiries and exercised judicial discretion appropriately, accepting the assessee's claims. The Commissioner of Income Tax's (C.I.T.) invocation of Section 263 was deemed unjustified, as the A.O.'s order was neither erroneous nor prejudicial to the revenue's interests. Consequently, the Tribunal quashed the C.I.T.'s order, restoring the original assessment order, and allowed the assessee's appeal. en-us Wed, 13 Apr 2011 00:00:00 +0530 Mon, 25 Nov 2024 17:41:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=458983 The Tribunal determined that the Assessing Officer (A.O.) conducted adequate inquiries and exercised judicial discretion appropriately, accepting the assessee's claims. The Commissioner of Income Tax's (C.I.T.) invocation of Section 263 was deemed unjustified, as the A.O.'s order was neither erroneous nor prejudicial to the revenue's interests. Consequently, the Tribunal quashed the C.I.T.'s order, restoring the original assessment order, and allowed the assessee's appeal. Case-Laws Income Tax Wed, 13 Apr 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=458983