https://www.taxtmi.com/caselaws?id=389565 The Tribunal allowed the appeal, quashing the order passed under Section 263 of the Income Tax Act. It held that the Principal Commissioner of Income Tax failed to provide sufficient material to show the Assessing Officer's order was erroneous or prejudicial to revenue. The Tribunal emphasized that Section 263 cannot be invoked solely for "inadequate enquiry" without proving the A.O.'s error. The appellant's contentions regarding long-term capital gains and unexplained investments were accepted, and the Tribunal found the Assessing Officer's actions to be justified. en-us Fri, 29 Nov 2019 00:00:00 +0530 Wed, 11 Dec 2019 14:09:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=389565 The Tribunal allowed the appeal, quashing the order passed under Section 263 of the Income Tax Act. It held that the Principal Commissioner of Income Tax failed to provide sufficient material to show the Assessing Officer's order was erroneous or prejudicial to revenue. The Tribunal emphasized that Section 263 cannot be invoked solely for "inadequate enquiry" without proving the A.O.'s error. The appellant's contentions regarding long-term capital gains and unexplained investments were accepted, and the Tribunal found the Assessing Officer's actions to be justified. Case-Laws Income Tax Fri, 29 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=389565