https://www.taxtmi.com/caselaws?id=349777 The Tribunal upheld the Principal Commissioner of Income Tax's decision under Section 263, finding the original assessment order erroneous due to the Assessing Officer's failure to adequately verify the sources of substantial cash deposits in the assessee's bank accounts. The order was set aside, directing a fresh assessment with proper verification. The Tribunal emphasized that the lack of inquiry and verification by the AO rendered the original assessment prejudicial to the revenue's interest. The appeal by the assessee was dismissed, reinforcing the principle that assessments lacking proper verification can be revised to safeguard revenue interests. en-us Wed, 18 Oct 2017 00:00:00 +0530 Wed, 25 Oct 2017 08:19:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=349777 The Tribunal upheld the Principal Commissioner of Income Tax's decision under Section 263, finding the original assessment order erroneous due to the Assessing Officer's failure to adequately verify the sources of substantial cash deposits in the assessee's bank accounts. The order was set aside, directing a fresh assessment with proper verification. The Tribunal emphasized that the lack of inquiry and verification by the AO rendered the original assessment prejudicial to the revenue's interest. The appeal by the assessee was dismissed, reinforcing the principle that assessments lacking proper verification can be revised to safeguard revenue interests. Case-Laws Income Tax Wed, 18 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=349777