https://www.taxtmi.com/caselaws?id=285388 The Tribunal upheld the Commissioner of Income Tax's order under Section 263, finding the Assessing Officer's inquiry into high seas transactions inadequate. The transactions lacked commercial substance, aiming to create artificial losses. The Tribunal dismissed the appeals, directing verification of transaction genuineness and providing the assessee an opportunity to be heard. en-us Fri, 19 Jul 2019 00:00:00 +0530 Thu, 09 Jan 2020 19:46:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285388 The Tribunal upheld the Commissioner of Income Tax's order under Section 263, finding the Assessing Officer's inquiry into high seas transactions inadequate. The transactions lacked commercial substance, aiming to create artificial losses. The Tribunal dismissed the appeals, directing verification of transaction genuineness and providing the assessee an opportunity to be heard. Case-Laws Income Tax Fri, 19 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285388