https://www.taxtmi.com/caselaws?id=254211 The Tribunal upheld the CIT's order invoking Section 263 to set aside the erroneous assessment order passed under Section 143(3) due to inadequate inquiries by the Assessing Officer. The Tribunal agreed that the A.O. failed to verify critical aspects like interest on unsecured loans, sundry creditors, additions in capital and fixed assets, commission expenses, and net profit rate, rendering the assessment prejudicial to Revenue. As a result, the appeal was dismissed, affirming the CIT's decision to remit the assessment for proper consideration. en-us Thu, 04 Apr 2013 00:00:00 +0530 Tue, 16 Dec 2014 06:28:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=254211 The Tribunal upheld the CIT's order invoking Section 263 to set aside the erroneous assessment order passed under Section 143(3) due to inadequate inquiries by the Assessing Officer. The Tribunal agreed that the A.O. failed to verify critical aspects like interest on unsecured loans, sundry creditors, additions in capital and fixed assets, commission expenses, and net profit rate, rendering the assessment prejudicial to Revenue. As a result, the appeal was dismissed, affirming the CIT's decision to remit the assessment for proper consideration. Case-Laws Income Tax Thu, 04 Apr 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=254211