https://www.taxtmi.com/caselaws?id=349235 The Principal Commissioner of Income Tax revised the reassessment order under Section 263, finding it erroneous and prejudicial due to the Assessing Officer's failure to properly verify the source of share application money. The non-application of mind and lack of verification by the A.O. led to the order being set aside. The Principal CIT directed a fresh adjudication with proper verifications and hearing opportunities for the assessee. The appeal was dismissed, affirming the Principal CIT's decision. en-us Tue, 03 Oct 2017 00:00:00 +0530 Mon, 09 Oct 2017 11:27:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=349235 The Principal Commissioner of Income Tax revised the reassessment order under Section 263, finding it erroneous and prejudicial due to the Assessing Officer's failure to properly verify the source of share application money. The non-application of mind and lack of verification by the A.O. led to the order being set aside. The Principal CIT directed a fresh adjudication with proper verifications and hearing opportunities for the assessee. The appeal was dismissed, affirming the Principal CIT's decision. Case-Laws Income Tax Tue, 03 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=349235