https://www.taxtmi.com/caselaws?id=279005 The court upheld the Commissioner of Income Tax's invocation of Section 263, ordering a fresh assessment due to the Assessing Officer's non-speaking order that failed to address critical issues, justifying the revision as prejudicial to revenue interests. The reassessment was deemed timely under Section 153(2A), dismissing the appellants' limitation period argument based on different sections. The original order's inadequacy in scrutinizing fund sources led to the decision, emphasizing the necessity for thorough investigations by Assessing Officers to prevent erroneous assessments. The court affirmed the CIT's broad powers under Section 263 for corrective actions. en-us Thu, 12 Jan 2017 00:00:00 +0530 Thu, 28 Feb 2019 06:57:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=279005 The court upheld the Commissioner of Income Tax's invocation of Section 263, ordering a fresh assessment due to the Assessing Officer's non-speaking order that failed to address critical issues, justifying the revision as prejudicial to revenue interests. The reassessment was deemed timely under Section 153(2A), dismissing the appellants' limitation period argument based on different sections. The original order's inadequacy in scrutinizing fund sources led to the decision, emphasizing the necessity for thorough investigations by Assessing Officers to prevent erroneous assessments. The court affirmed the CIT's broad powers under Section 263 for corrective actions. Case-Laws Income Tax Thu, 12 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=279005