https://www.taxtmi.com/caselaws?id=353343 The appeal was dismissed by the Tribunal as lacking merit. The CIT's order under Section 263 directing an enquiry into the source of share capital subscription was upheld, emphasizing the AO's failure to conduct proper investigations. Previous cases supported the CIT's power to revise orders, with the Tribunal affirming the applicability of such conclusions. The Tribunal clarified the CIT's jurisdiction over the AO and addressed various validity scenarios for orders. The decision highlighted that additions under Section 68 could be made in a company's first year. Ultimately, the appeal was rejected, concluding the legal proceedings. en-us Fri, 08 Dec 2017 00:00:00 +0530 Tue, 02 Jan 2018 09:18:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=353343 The appeal was dismissed by the Tribunal as lacking merit. The CIT's order under Section 263 directing an enquiry into the source of share capital subscription was upheld, emphasizing the AO's failure to conduct proper investigations. Previous cases supported the CIT's power to revise orders, with the Tribunal affirming the applicability of such conclusions. The Tribunal clarified the CIT's jurisdiction over the AO and addressed various validity scenarios for orders. The decision highlighted that additions under Section 68 could be made in a company's first year. Ultimately, the appeal was rejected, concluding the legal proceedings. Case-Laws Income Tax Fri, 08 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=353343