https://www.taxtmi.com/caselaws?id=387900 The Tribunal held that the Principal Commissioner of Income Tax (PCIT) did not have justified jurisdiction under Section 263 of the Income-tax Act, 1961. It was determined that the Assessing Officer (AO) had conducted sufficient inquiries into the creditworthiness of loan creditors and the genuineness of transactions involving unsecured loans. The Tribunal quashed the PCIT's order, ruling that the assessment order was not erroneous or prejudicial to the Revenue's interest. Consequently, the appeal of the assessee was allowed. en-us Thu, 31 Oct 2019 00:00:00 +0530 Mon, 04 Nov 2019 07:17:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=387900 The Tribunal held that the Principal Commissioner of Income Tax (PCIT) did not have justified jurisdiction under Section 263 of the Income-tax Act, 1961. It was determined that the Assessing Officer (AO) had conducted sufficient inquiries into the creditworthiness of loan creditors and the genuineness of transactions involving unsecured loans. The Tribunal quashed the PCIT's order, ruling that the assessment order was not erroneous or prejudicial to the Revenue's interest. Consequently, the appeal of the assessee was allowed. Case-Laws Income Tax Thu, 31 Oct 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=387900