https://www.taxtmi.com/caselaws?id=242064 The Tribunal set aside the CIT's orders invoking jurisdiction under section 263 of the Income Tax Act regarding share application money received by the assessee during the assessment year 2007-08. The Tribunal emphasized the importance of thorough investigation and satisfaction with the genuineness of transactions before invoking section 263. It noted that the AO had applied due diligence, made necessary inquiries, and was satisfied with the transactions' genuineness. The Tribunal found the AO's actions appropriate, setting aside the CIT's orders and restoring the AO's decisions in both appeals. en-us Wed, 18 Dec 2013 00:00:00 +0530 Tue, 07 Jan 2014 08:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=242064 The Tribunal set aside the CIT's orders invoking jurisdiction under section 263 of the Income Tax Act regarding share application money received by the assessee during the assessment year 2007-08. The Tribunal emphasized the importance of thorough investigation and satisfaction with the genuineness of transactions before invoking section 263. It noted that the AO had applied due diligence, made necessary inquiries, and was satisfied with the transactions' genuineness. The Tribunal found the AO's actions appropriate, setting aside the CIT's orders and restoring the AO's decisions in both appeals. Case-Laws Income Tax Wed, 18 Dec 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=242064