https://www.taxtmi.com/caselaws?id=152013 The Tribunal, with the opinion of the Third Member, upheld the Commissioner of Income-tax's decision to invoke section 263 of the Income-tax Act, 1961, as the Assessing Officer's assessment order was deemed erroneous and prejudicial to the Revenue's interests. The Tribunal found inadequate inquiry and investigation by the AO into both the claim of bad debts and the source of funds for the loan given to the assessee's wife. Consequently, the appeal by the assessee was partly allowed, affirming the CIT's jurisdiction over the issues raised in the notice under section 263. en-us Thu, 30 Jan 1997 00:00:00 +0530 Fri, 06 May 2016 14:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=152013 The Tribunal, with the opinion of the Third Member, upheld the Commissioner of Income-tax's decision to invoke section 263 of the Income-tax Act, 1961, as the Assessing Officer's assessment order was deemed erroneous and prejudicial to the Revenue's interests. The Tribunal found inadequate inquiry and investigation by the AO into both the claim of bad debts and the source of funds for the loan given to the assessee's wife. Consequently, the appeal by the assessee was partly allowed, affirming the CIT's jurisdiction over the issues raised in the notice under section 263. Case-Laws Income Tax Thu, 30 Jan 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=152013