https://www.taxtmi.com/caselaws?id=461771 The Gujarat HC upheld the Tribunal's decision allowing the assessee's appeal and setting aside the PCIT's order under Section 263. The HC held that for exercising jurisdiction under Section 263, both conditions must be fulfilled - the assessment order must be erroneous and prejudicial to revenue interest. Following Supreme Court precedents in Malabar Industrial Co. Ltd. and Earth Minerals Company Ltd., the HC found the Tribunal's view plausible and not erroneous in law. The HC concluded that the Tribunal's factual findings were neither perverse nor contrary to evidence, and no substantial question of law arose requiring interference. en-us Mon, 15 Jan 2024 00:00:00 +0530 Sat, 26 Apr 2025 20:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461771 The Gujarat HC upheld the Tribunal's decision allowing the assessee's appeal and setting aside the PCIT's order under Section 263. The HC held that for exercising jurisdiction under Section 263, both conditions must be fulfilled - the assessment order must be erroneous and prejudicial to revenue interest. Following Supreme Court precedents in Malabar Industrial Co. Ltd. and Earth Minerals Company Ltd., the HC found the Tribunal's view plausible and not erroneous in law. The HC concluded that the Tribunal's factual findings were neither perverse nor contrary to evidence, and no substantial question of law arose requiring interference. Case-Laws Income Tax Mon, 15 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461771