https://www.taxtmi.com/caselaws?id=351535 The tribunal set aside the Principal Commissioner of Income-tax's (PCIT) order under section 263, restoring the assessment order by the Assessing Officer (AO). The PCIT's actions were deemed unsubstantiated and baseless regarding the non-furnishing of carat-wise jewelry details, genuineness of an advance received, and reasonableness of payment to Anmol Jewellery. The tribunal found the AO had conducted thorough inquiries, and the PCIT's intervention lacked merit, leading to the appeal being allowed in favor of the assessee. en-us Wed, 22 Nov 2017 00:00:00 +0530 Mon, 27 Nov 2017 08:15:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=351535 The tribunal set aside the Principal Commissioner of Income-tax's (PCIT) order under section 263, restoring the assessment order by the Assessing Officer (AO). The PCIT's actions were deemed unsubstantiated and baseless regarding the non-furnishing of carat-wise jewelry details, genuineness of an advance received, and reasonableness of payment to Anmol Jewellery. The tribunal found the AO had conducted thorough inquiries, and the PCIT's intervention lacked merit, leading to the appeal being allowed in favor of the assessee. Case-Laws Income Tax Wed, 22 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=351535