https://www.taxtmi.com/caselaws?id=281604 The Tribunal quashed the Principal Commissioner of Income Tax's order under Section 263, holding that the Assessing Officer properly examined the creditworthiness and genuineness of share application money from Bycell Holding AG. The Tribunal found the AO's acceptance of the funds based on credible information. Concerns raised regarding share application money from Bitcorp Private Limited were deemed beyond the reassessment scope. The PCIT's jurisdiction under Section 263 was deemed unjustified as the AO's decision was based on verified information, leading to the appeals of the assessee being allowed. en-us Wed, 24 Jan 2018 00:00:00 +0530 Thu, 27 Jun 2019 07:30:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=281604 The Tribunal quashed the Principal Commissioner of Income Tax's order under Section 263, holding that the Assessing Officer properly examined the creditworthiness and genuineness of share application money from Bycell Holding AG. The Tribunal found the AO's acceptance of the funds based on credible information. Concerns raised regarding share application money from Bitcorp Private Limited were deemed beyond the reassessment scope. The PCIT's jurisdiction under Section 263 was deemed unjustified as the AO's decision was based on verified information, leading to the appeals of the assessee being allowed. Case-Laws Income Tax Wed, 24 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=281604