https://www.taxtmi.com/caselaws?id=180468 The tribunal held that the Commissioner of Income Tax wrongly assumed jurisdiction under Section 263 of the Income Tax Act. The Assessing Officer had properly verified and accepted the loans and advance based on evidence provided by the assessee. The tribunal set aside the order under Section 263, ruling in favor of the assessee and quashing the revision. Other grounds raised in the appeal were not addressed as a result. en-us Fri, 08 Oct 2010 00:00:00 +0530 Fri, 25 Mar 2016 15:45:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180468 The tribunal held that the Commissioner of Income Tax wrongly assumed jurisdiction under Section 263 of the Income Tax Act. The Assessing Officer had properly verified and accepted the loans and advance based on evidence provided by the assessee. The tribunal set aside the order under Section 263, ruling in favor of the assessee and quashing the revision. Other grounds raised in the appeal were not addressed as a result. Case-Laws Income Tax Fri, 08 Oct 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180468