https://www.taxtmi.com/caselaws?id=188826 The Tribunal found that the CIT's invocation of jurisdiction under section 263 was unjustified as it was solely based on an audit objection without independent assessment. The AO's enquiry into the source of investments was deemed adequate, and the explanations provided were accepted. The Tribunal held that the CIT's disagreement with the AO did not render the assessment order erroneous. The Tribunal quashed the CIT's order and restored the AO's assessment, ultimately allowing the appeal filed by the assessee. en-us Wed, 14 Oct 2015 00:00:00 +0530 Sat, 17 Dec 2016 12:53:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=188826 The Tribunal found that the CIT's invocation of jurisdiction under section 263 was unjustified as it was solely based on an audit objection without independent assessment. The AO's enquiry into the source of investments was deemed adequate, and the explanations provided were accepted. The Tribunal held that the CIT's disagreement with the AO did not render the assessment order erroneous. The Tribunal quashed the CIT's order and restored the AO's assessment, ultimately allowing the appeal filed by the assessee. Case-Laws Income Tax Wed, 14 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=188826