https://www.taxtmi.com/caselaws?id=382045 The Tribunal quashed the revision order under Section 263, finding that the Principal Commissioner of Income Tax wrongly invoked the revisionary powers. It was held that the Assessing Officer had properly inquired into the source of capital introduced by the partner and had accepted the explanations and evidence provided by the assessee. The Tribunal emphasized that the PCIT's action to delve into the "source of the source" was impermissible under the law. Consequently, the appeal of the assessee was allowed, and the directions under Section 263 were deemed void. en-us Fri, 21 Jun 2019 00:00:00 +0530 Tue, 25 Jun 2019 07:44:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=382045 The Tribunal quashed the revision order under Section 263, finding that the Principal Commissioner of Income Tax wrongly invoked the revisionary powers. It was held that the Assessing Officer had properly inquired into the source of capital introduced by the partner and had accepted the explanations and evidence provided by the assessee. The Tribunal emphasized that the PCIT's action to delve into the "source of the source" was impermissible under the law. Consequently, the appeal of the assessee was allowed, and the directions under Section 263 were deemed void. Case-Laws Income Tax Fri, 21 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=382045