https://www.taxtmi.com/caselaws?id=380864 The Tribunal quashed the Principal Commissioner of Income Tax's revisionary order under Section 263, restoring the Assessing Officer's assessment order. It held that the Principal Commissioner failed to independently examine the records and determine if the AO's order was erroneous. The Tribunal found the AO's inquiry into the introduction of share capital and premium sufficient and rejected the Principal Commissioner's claim of inadequate investigation. Additionally, it ruled that Section 68 of the Income Tax Act did not apply as the transactions involved equity shares, not money. The appeal favored the assessee. en-us Mon, 08 Apr 2019 00:00:00 +0530 Wed, 29 May 2019 11:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=380864 The Tribunal quashed the Principal Commissioner of Income Tax's revisionary order under Section 263, restoring the Assessing Officer's assessment order. It held that the Principal Commissioner failed to independently examine the records and determine if the AO's order was erroneous. The Tribunal found the AO's inquiry into the introduction of share capital and premium sufficient and rejected the Principal Commissioner's claim of inadequate investigation. Additionally, it ruled that Section 68 of the Income Tax Act did not apply as the transactions involved equity shares, not money. The appeal favored the assessee. Case-Laws Income Tax Mon, 08 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=380864