https://www.taxtmi.com/caselaws?id=395819 The Tribunal held that the Principal Commissioner of Income Tax (Pr. CIT) erred in invoking section 263 as the assessment order under section 143(3) was found to be neither erroneous nor prejudicial to the interest of revenue. The assessing officer had adequately verified the source of cash deposits and conducted a thorough inquiry. Consequently, the Pr. CIT's order under section 263 was quashed, and the original assessment order was restored. The appeal of the assessee was allowed, with the order pronounced on 01.06.2020. en-us Mon, 01 Jun 2020 00:00:00 +0530 Tue, 22 Sep 2020 16:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=395819 The Tribunal held that the Principal Commissioner of Income Tax (Pr. CIT) erred in invoking section 263 as the assessment order under section 143(3) was found to be neither erroneous nor prejudicial to the interest of revenue. The assessing officer had adequately verified the source of cash deposits and conducted a thorough inquiry. Consequently, the Pr. CIT's order under section 263 was quashed, and the original assessment order was restored. The appeal of the assessee was allowed, with the order pronounced on 01.06.2020. Case-Laws Income Tax Mon, 01 Jun 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=395819