https://www.taxtmi.com/caselaws?id=390372 The Tribunal upheld the Principal Commissioner of Income-Tax's decision, finding that the Assessing Officer's failure to conduct necessary inquiries regarding the nature of business, loans, and property transactions rendered the assessment order erroneous and prejudicial to the revenue. The Tribunal emphasized the importance of verifying critical aspects and cited legal precedents to support its decision. Consequently, the Principal Commissioner's jurisdiction under section 263 of the Income Tax Act was deemed appropriate, leading to the setting aside of the assessment order and the direction for a fresh assessment with proper inquiries, resulting in the dismissal of the assessee's appeal. en-us Thu, 12 Dec 2019 00:00:00 +0530 Tue, 31 Dec 2019 14:45:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=390372 The Tribunal upheld the Principal Commissioner of Income-Tax's decision, finding that the Assessing Officer's failure to conduct necessary inquiries regarding the nature of business, loans, and property transactions rendered the assessment order erroneous and prejudicial to the revenue. The Tribunal emphasized the importance of verifying critical aspects and cited legal precedents to support its decision. Consequently, the Principal Commissioner's jurisdiction under section 263 of the Income Tax Act was deemed appropriate, leading to the setting aside of the assessment order and the direction for a fresh assessment with proper inquiries, resulting in the dismissal of the assessee's appeal. Case-Laws Income Tax Thu, 12 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=390372