https://www.taxtmi.com/caselaws?id=362225 The High Court upheld the Tribunal's decision, ruling that the Assessing Officer's order was not erroneous or prejudicial to the Revenue's interest. The court found that the Assessing Officer had conducted thorough inquiries into the introduction of fresh capital and unsecured loans, accepting the explanations provided by the assessee. The Court emphasized that the Commissioner of Income Tax wrongly invoked revisional powers under section 263 without a valid basis. Legal precedents were cited to support the conclusion that mere inadequacy of inquiry does not warrant revisional action. The appeal by the Revenue was dismissed, and the decision favored the assessee. en-us Mon, 11 Jun 2018 00:00:00 +0530 Wed, 08 Apr 2026 15:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=362225 The High Court upheld the Tribunal's decision, ruling that the Assessing Officer's order was not erroneous or prejudicial to the Revenue's interest. The court found that the Assessing Officer had conducted thorough inquiries into the introduction of fresh capital and unsecured loans, accepting the explanations provided by the assessee. The Court emphasized that the Commissioner of Income Tax wrongly invoked revisional powers under section 263 without a valid basis. Legal precedents were cited to support the conclusion that mere inadequacy of inquiry does not warrant revisional action. The appeal by the Revenue was dismissed, and the decision favored the assessee. Case-Laws Income Tax Mon, 11 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=362225