https://www.taxtmi.com/caselaws?id=285470 The Tribunal quashed the order under section 263 of the Income Tax Act for the assessment year 2011-12, ruling in favor of the assessee. It held that the Assessing Officer had adequately investigated the source of investments, and the Principal Commissioner's reliance on the Officer's proposal was deemed a change of opinion, not a valid basis for revision. The decision underscored the need for independent assessment by the Principal Commissioner and emphasized the importance of thorough investigation by the Assessing Officer to limit revisional jurisdiction. en-us Wed, 06 Feb 2019 00:00:00 +0530 Tue, 14 Jan 2020 09:51:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285470 The Tribunal quashed the order under section 263 of the Income Tax Act for the assessment year 2011-12, ruling in favor of the assessee. It held that the Assessing Officer had adequately investigated the source of investments, and the Principal Commissioner's reliance on the Officer's proposal was deemed a change of opinion, not a valid basis for revision. The decision underscored the need for independent assessment by the Principal Commissioner and emphasized the importance of thorough investigation by the Assessing Officer to limit revisional jurisdiction. Case-Laws Income Tax Wed, 06 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285470