https://www.taxtmi.com/caselaws?id=55270 The Tribunal upheld the revisional order of the CIT under section 263, finding the AO's failure to conduct proper inquiries resulted in an erroneous assessment prejudicial to revenue. Regarding the liability for damages, the Tribunal held that it did not accrue in the relevant assessment year as the arbitration award was disputed and not finalized. Consequently, the Tribunal dismissed the assessee's appeal and allowed the revenue's appeal, emphasizing the importance of thorough investigations by the AO. en-us Thu, 20 May 1999 00:00:00 +0530 Thu, 25 Nov 2010 10:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55270 The Tribunal upheld the revisional order of the CIT under section 263, finding the AO's failure to conduct proper inquiries resulted in an erroneous assessment prejudicial to revenue. Regarding the liability for damages, the Tribunal held that it did not accrue in the relevant assessment year as the arbitration award was disputed and not finalized. Consequently, the Tribunal dismissed the assessee's appeal and allowed the revenue's appeal, emphasizing the importance of thorough investigations by the AO. Case-Laws Income Tax Thu, 20 May 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55270