https://www.taxtmi.com/caselaws?id=67344 The Appellate Tribunal allowed the assessee's appeal, disagreeing with the CIT's decision to set aside the assessment order under section 263 of the IT Act. The Tribunal noted that the ITO had conducted inquiries and verified the information provided by the assessee, accepting the income returned. It found no justification for the CIT's concerns regarding the capital formation, ultimately ruling in favor of the assessee. en-us Mon, 07 Sep 1981 00:00:00 +0530 Thu, 10 Mar 2011 11:38:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67344 The Appellate Tribunal allowed the assessee's appeal, disagreeing with the CIT's decision to set aside the assessment order under section 263 of the IT Act. The Tribunal noted that the ITO had conducted inquiries and verified the information provided by the assessee, accepting the income returned. It found no justification for the CIT's concerns regarding the capital formation, ultimately ruling in favor of the assessee. Case-Laws Income Tax Mon, 07 Sep 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67344