https://www.taxtmi.com/caselaws?id=768287 The Tribunal quashed the Principal Commissioner of Income-tax's (PCIT) order under Section 263, ruling in favor of the assessee. The HC determined that the Assessing Officer's (AO) order was neither erroneous nor prejudicial to Revenue interests. The AO had properly investigated credit card payments that prompted reassessment under Section 147, receiving satisfactory explanations from banks and the assessee. The Tribunal held that the PCIT cannot expand the scope of reassessment enquiries when the original issue is found non-taxable, emphasizing that fishing enquiries are impermissible and the PCIT must identify specific errors causing prejudice to Revenue. en-us Tue, 22 Oct 2024 00:00:00 +0530 Fri, 04 Apr 2025 07:15:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768287 The Tribunal quashed the Principal Commissioner of Income-tax's (PCIT) order under Section 263, ruling in favor of the assessee. The HC determined that the Assessing Officer's (AO) order was neither erroneous nor prejudicial to Revenue interests. The AO had properly investigated credit card payments that prompted reassessment under Section 147, receiving satisfactory explanations from banks and the assessee. The Tribunal held that the PCIT cannot expand the scope of reassessment enquiries when the original issue is found non-taxable, emphasizing that fishing enquiries are impermissible and the PCIT must identify specific errors causing prejudice to Revenue. Case-Laws Income Tax Tue, 22 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768287