https://www.taxtmi.com/caselaws?id=354453 The Tribunal upheld the Ld. CIT's decision to cancel the assessment under section 263 for the assessment year 2011-12. It found that the original assessment order was erroneous and prejudicial to the revenue's interest due to the lack of necessary inquiries and verifications by the Assessing Officer. The Tribunal emphasized the importance of conducting thorough investigations and rejected the argument that subsequent actions by the Assessing Officer invalidated the CIT's jurisdiction. Ultimately, the appeal was dismissed, affirming the cancellation of the assessment under section 263. en-us Tue, 23 Jan 2018 00:00:00 +0530 Mon, 29 Jan 2018 08:17:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=354453 The Tribunal upheld the Ld. CIT's decision to cancel the assessment under section 263 for the assessment year 2011-12. It found that the original assessment order was erroneous and prejudicial to the revenue's interest due to the lack of necessary inquiries and verifications by the Assessing Officer. The Tribunal emphasized the importance of conducting thorough investigations and rejected the argument that subsequent actions by the Assessing Officer invalidated the CIT's jurisdiction. Ultimately, the appeal was dismissed, affirming the cancellation of the assessment under section 263. Case-Laws Income Tax Tue, 23 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=354453