https://www.taxtmi.com/caselaws?id=358218 The tribunal allowed the appeal for statistical purposes, remanding the matter back to the Assessing Officer (AO) for a fresh assessment in compliance with the Commissioner of Income Tax's directions under Section 263. The tribunal emphasized the necessity of conducting independent inquiries to verify the genuineness and creditworthiness of the shareholders, citing the Delhi High Court's decision in a similar case. The AO's failure to follow specific guidelines and provide the assessee with a proper opportunity to be heard resulted in the tribunal's decision to set aside the previous order and initiate a de novo assessment. en-us Wed, 04 Apr 2018 00:00:00 +0530 Sat, 07 Apr 2018 07:57:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=358218 The tribunal allowed the appeal for statistical purposes, remanding the matter back to the Assessing Officer (AO) for a fresh assessment in compliance with the Commissioner of Income Tax's directions under Section 263. The tribunal emphasized the necessity of conducting independent inquiries to verify the genuineness and creditworthiness of the shareholders, citing the Delhi High Court's decision in a similar case. The AO's failure to follow specific guidelines and provide the assessee with a proper opportunity to be heard resulted in the tribunal's decision to set aside the previous order and initiate a de novo assessment. Case-Laws Income Tax Wed, 04 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=358218