https://www.taxtmi.com/caselaws?id=56560 The Tribunal held that the order under Section 263 was quashed as the regular assessment order was not deemed erroneous or prejudicial to Revenue interests. The appeal by the assessee was allowed, with the Tribunal finding in favor of the assessee on various issues, including the validity of the assumption of jurisdiction, the second revised return, exemption from capital gains, adequacy of inquiries by the AO, disallowances of expenses, confirmation of balances from debtors and creditors, and exceeding grounds specified in the notice under Section 263. en-us Fri, 27 May 2005 00:00:00 +0530 Sat, 07 Jul 2012 14:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56560 The Tribunal held that the order under Section 263 was quashed as the regular assessment order was not deemed erroneous or prejudicial to Revenue interests. The appeal by the assessee was allowed, with the Tribunal finding in favor of the assessee on various issues, including the validity of the assumption of jurisdiction, the second revised return, exemption from capital gains, adequacy of inquiries by the AO, disallowances of expenses, confirmation of balances from debtors and creditors, and exceeding grounds specified in the notice under Section 263. Case-Laws Income Tax Fri, 27 May 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56560