https://www.taxtmi.com/caselaws?id=381387 The Tribunal overturned the Principal Commissioner of Income Tax's order under section 263, finding the assessment order for the year 2013-14 was not erroneous. It held that the Assessing Officer had conducted proper inquiries into the creditworthiness of shareholders and genuineness of transactions. The Tribunal emphasized the sufficiency of the Assessing Officer's inquiries and rejected the Pr. CIT's jurisdiction assumption, stating it cannot substitute the Assessing Officer's views without proper cause. The appeal was allowed, and the assessment order was upheld, with the Tribunal ruling in favor of the assessee on May 16, 2019. en-us Thu, 16 May 2019 00:00:00 +0530 Mon, 10 Jun 2019 16:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=381387 The Tribunal overturned the Principal Commissioner of Income Tax's order under section 263, finding the assessment order for the year 2013-14 was not erroneous. It held that the Assessing Officer had conducted proper inquiries into the creditworthiness of shareholders and genuineness of transactions. The Tribunal emphasized the sufficiency of the Assessing Officer's inquiries and rejected the Pr. CIT's jurisdiction assumption, stating it cannot substitute the Assessing Officer's views without proper cause. The appeal was allowed, and the assessment order was upheld, with the Tribunal ruling in favor of the assessee on May 16, 2019. Case-Laws Income Tax Thu, 16 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=381387