https://www.taxtmi.com/caselaws?id=393062 The Tribunal partially allowed the assessee's appeal and upheld the assessment order under section 143(3) as not erroneous or prejudicial to the interest of revenue. It concluded that the AO had conducted adequate verification regarding fixed assets, depreciation, proceeds from deposits, transactions under section 40A(2)(b), cash credits, and current liabilities. The Tribunal emphasized that section 263 cannot be invoked to correct every error and that the AO's conclusions, based on reasonable inquiries, should not be overturned solely due to differing opinions from the Pr. CIT. en-us Thu, 12 Dec 2019 00:00:00 +0530 Thu, 05 Mar 2020 12:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=393062 The Tribunal partially allowed the assessee's appeal and upheld the assessment order under section 143(3) as not erroneous or prejudicial to the interest of revenue. It concluded that the AO had conducted adequate verification regarding fixed assets, depreciation, proceeds from deposits, transactions under section 40A(2)(b), cash credits, and current liabilities. The Tribunal emphasized that section 263 cannot be invoked to correct every error and that the AO's conclusions, based on reasonable inquiries, should not be overturned solely due to differing opinions from the Pr. CIT. Case-Laws Income Tax Thu, 12 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=393062