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TMI Blog2023 (2) TMI 1358X X X X Extracts X X X X X X X X Extracts X X X X ..... t order of the AO is erroneous as well as prejudicial to the interest of the revenue - HELD THAT:- It is settled principle that to exercise the jurisdiction u/s 263 of the Act the order of the assessing officer has to be erroneous in so far as it is prejudicial to the interest of the revenue. The two conditions to be satisfied or that the order of the AO sought to be revised should be erroneous an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nsel for either side. This appeal by the revenue filed under Section 260A of the Income Tax Act, 1961 (the Act) is directed against the order dated April 30, 2021 passed by the Income Tax Department Appellate Tribunal C Bench Kolkata (Tribunal) in ITA No.637/Kol/2020 for the assessment year 2015-16. The revenue has raised the following substantial questions of law for consideration :- (a) Whether ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ces of the case the Learned Income Tax Appellate Tribunal erred in law in quashing the order passed under Section 263 of the Income Tax Act, 1961 restricting the power of Principal CIT in those cases where relevant enquiry was not undertaken ? The short issue which falls for consideration in the instant case is whether the Principal Commissioner of Income Tax Kolkata (PCIT) was justified in invoki ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... transactions were on the stock exchange platform. After due verification the assessing officer did not find anything adverse in the claims made by the assessee. Accordingly, the Tribunal concluded that it is not a case of non verification or non application of mind and that PCIT failed to make out a case that order of the assessing officer is erroneous as well as prejudicial to the interest of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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