https://www.taxtmi.com/caselaws?id=389418 The Tribunal concluded that the revisionary order passed by the Commissioner under Section 263 was not sustainable. The Assessing Officer had conducted adequate inquiries and verification, and the assessee had proven the source of cash deposits and the computation of long-term capital loss. The appeal of the assessee was allowed, and the order passed by the Commissioner was quashed. The Tribunal reiterated that setting aside an assessment order without conducting a minimal inquiry to establish the inadequacy of the inquiry by the Assessing Officer is not justified under Explanation-2 to Section 263. en-us Fri, 11 Oct 2019 00:00:00 +0530 Sat, 07 Dec 2019 13:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=389418 The Tribunal concluded that the revisionary order passed by the Commissioner under Section 263 was not sustainable. The Assessing Officer had conducted adequate inquiries and verification, and the assessee had proven the source of cash deposits and the computation of long-term capital loss. The appeal of the assessee was allowed, and the order passed by the Commissioner was quashed. The Tribunal reiterated that setting aside an assessment order without conducting a minimal inquiry to establish the inadequacy of the inquiry by the Assessing Officer is not justified under Explanation-2 to Section 263. Case-Laws Income Tax Fri, 11 Oct 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=389418