Case Law Analysis
|Income Tax Appellate Tribunal
Section 263 IT Act | Revisional Jurisdiction Cannot Override AO's Reasoned Assessment Without Fresh Evidence : ITAT Agra
ITAT Agra rules that revisional powers under Section 263 cannot be invoked merely to substitute the Assessing Officer's reasoned view unless new evidence proves the assessment erroneous or prejudicial to revenue. The ruling protects assessees from arbitrary reopening of settled assessments based on mere differences of opinion.