https://www.taxtmi.com/caselaws?id=393481 The Tribunal upheld the Principal Commissioner of Income Tax's decision to invoke Section 263, finding the Assessing Officer's assessment lacking in necessary verification. The Tribunal agreed that the AO's acceptance of the assessee's explanations without proper inquiry rendered the assessment order erroneous and prejudicial to Revenue interests. It noted discrepancies in cash deposits and payments to the share broker, emphasizing the need for detailed verification. The Tribunal dismissed the assessee's appeals, affirming the Pr.CIT's order and highlighting the importance of thorough verification in tax assessments. en-us Thu, 20 Feb 2020 00:00:00 +0530 Tue, 17 Mar 2020 11:13:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=393481 The Tribunal upheld the Principal Commissioner of Income Tax's decision to invoke Section 263, finding the Assessing Officer's assessment lacking in necessary verification. The Tribunal agreed that the AO's acceptance of the assessee's explanations without proper inquiry rendered the assessment order erroneous and prejudicial to Revenue interests. It noted discrepancies in cash deposits and payments to the share broker, emphasizing the need for detailed verification. The Tribunal dismissed the assessee's appeals, affirming the Pr.CIT's order and highlighting the importance of thorough verification in tax assessments. Case-Laws Income Tax Thu, 20 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=393481