https://www.taxtmi.com/caselaws?id=177834 The Tribunal upheld the CIT's decision to set aside the assessment order under section 263 of the Act, deeming it erroneous and prejudicial to revenue. The appellant's late appeal was condoned, allowing the appeal to proceed. Issues such as mixed funds, unverified investments, interest deduction, excess stock disclosure, and lack of proper verification led to the dismissal of the appeal. The Tribunal emphasized the importance of thorough verification and inquiry in tax assessments, affirming the need for adherence to legal precedents. en-us Fri, 06 Sep 2013 00:00:00 +0530 Thu, 17 Nov 2016 11:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177834 The Tribunal upheld the CIT's decision to set aside the assessment order under section 263 of the Act, deeming it erroneous and prejudicial to revenue. The appellant's late appeal was condoned, allowing the appeal to proceed. Issues such as mixed funds, unverified investments, interest deduction, excess stock disclosure, and lack of proper verification led to the dismissal of the appeal. The Tribunal emphasized the importance of thorough verification and inquiry in tax assessments, affirming the need for adherence to legal precedents. Case-Laws Income Tax Fri, 06 Sep 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177834