https://www.taxtmi.com/caselaws?id=183134 The Tribunal ruled in favor of the assessee in an appeal against the CIT's order under section 263 of the Income Tax Act, 1961. The CIT's concerns about the source of funds invested in land purchase and development were deemed unfounded as the Assessing Officer had conducted thorough inquiries into the matter. The Tribunal emphasized that the CIT's jurisdiction under section 263 is triggered by a lack of inquiry by the AO, not inadequate inquiry. Therefore, the Tribunal quashed the CIT's order and allowed the assessee's appeal based on the extensive investigations carried out by the AO. en-us Wed, 20 Jan 2016 00:00:00 +0530 Mon, 30 May 2016 16:58:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=183134 The Tribunal ruled in favor of the assessee in an appeal against the CIT's order under section 263 of the Income Tax Act, 1961. The CIT's concerns about the source of funds invested in land purchase and development were deemed unfounded as the Assessing Officer had conducted thorough inquiries into the matter. The Tribunal emphasized that the CIT's jurisdiction under section 263 is triggered by a lack of inquiry by the AO, not inadequate inquiry. Therefore, the Tribunal quashed the CIT's order and allowed the assessee's appeal based on the extensive investigations carried out by the AO. Case-Laws Income Tax Wed, 20 Jan 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=183134