https://www.taxtmi.com/caselaws?id=371806 The Tribunal set aside the order of the Principal Commissioner of Income Tax under Section 263 of the Income Tax Act, deeming the assessment order erroneous and prejudicial to the interest of the Revenue. The Tribunal found that the Assessing Officer had conducted adequate inquiries into the share premium received by the assessee from a non-resident company, and the documents provided sufficiently established the genuineness of the transaction. The Tribunal held that the Principal Commissioner had not conducted further inquiries to establish the unsustainability of the Assessing Officer's order, ultimately allowing the appeal of the assessee. en-us Wed, 05 Dec 2018 00:00:00 +0530 Tue, 11 Dec 2018 06:32:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=371806 The Tribunal set aside the order of the Principal Commissioner of Income Tax under Section 263 of the Income Tax Act, deeming the assessment order erroneous and prejudicial to the interest of the Revenue. The Tribunal found that the Assessing Officer had conducted adequate inquiries into the share premium received by the assessee from a non-resident company, and the documents provided sufficiently established the genuineness of the transaction. The Tribunal held that the Principal Commissioner had not conducted further inquiries to establish the unsustainability of the Assessing Officer's order, ultimately allowing the appeal of the assessee. Case-Laws Income Tax Wed, 05 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=371806