https://www.taxtmi.com/caselaws?id=364307 The Tribunal allowed the assessee's appeal, quashing the Principal CIT's order under Section 263. It held that the AO had conducted an adequate inquiry and that the Principal CIT had not provided sufficient grounds to demonstrate that the AO's order was erroneous and prejudicial to the interest of the revenue. The Tribunal emphasized the importance of distinguishing between lack of inquiry and inadequate inquiry and reiterated that the Principal CIT must conduct his own investigation to establish that the AO's findings are unsustainable in law before exercising revisional jurisdiction. en-us Fri, 20 Jul 2018 00:00:00 +0530 Wed, 25 Jul 2018 20:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=364307 The Tribunal allowed the assessee's appeal, quashing the Principal CIT's order under Section 263. It held that the AO had conducted an adequate inquiry and that the Principal CIT had not provided sufficient grounds to demonstrate that the AO's order was erroneous and prejudicial to the interest of the revenue. The Tribunal emphasized the importance of distinguishing between lack of inquiry and inadequate inquiry and reiterated that the Principal CIT must conduct his own investigation to establish that the AO's findings are unsustainable in law before exercising revisional jurisdiction. Case-Laws Income Tax Fri, 20 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=364307