https://www.taxtmi.com/caselaws?id=392733 The Tribunal upheld the Principal Commissioner of Income Tax's order invoking Section 263 due to discrepancies in stamp duty values and consideration for property purchases, as well as lack of verification on a loan transaction. The Tribunal found the Assessing Officer's failure to conduct necessary inquiries rendered the assessment order erroneous and prejudicial to revenue interests. The Tribunal dismissed the appeal, emphasizing the AO's duty to investigate further when needed, supporting the PCIT's decision to set aside the original order and direct a fresh assessment. en-us Fri, 21 Feb 2020 00:00:00 +0530 Thu, 27 Feb 2020 08:03:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=392733 The Tribunal upheld the Principal Commissioner of Income Tax's order invoking Section 263 due to discrepancies in stamp duty values and consideration for property purchases, as well as lack of verification on a loan transaction. The Tribunal found the Assessing Officer's failure to conduct necessary inquiries rendered the assessment order erroneous and prejudicial to revenue interests. The Tribunal dismissed the appeal, emphasizing the AO's duty to investigate further when needed, supporting the PCIT's decision to set aside the original order and direct a fresh assessment. Case-Laws Income Tax Fri, 21 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=392733