https://www.taxtmi.com/caselaws?id=400041 The Tribunal upheld the Principal Commissioner's order under Section 263 of the Income Tax Act for the assessment years 2011-12 to 2014-15, dismissing the appeals. It found that the Assessing Officer's failure to inquire into cash payments for land purchases rendered the assessment orders erroneous and prejudicial to revenue. The Tribunal also condoned the delay in filing the appeals and clarified the applicability of Explanation 2 to Section 263(1), stating it applies to all assessments as a clarificatory provision. en-us Tue, 20 Oct 2020 00:00:00 +0530 Mon, 26 Oct 2020 12:32:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400041 The Tribunal upheld the Principal Commissioner's order under Section 263 of the Income Tax Act for the assessment years 2011-12 to 2014-15, dismissing the appeals. It found that the Assessing Officer's failure to inquire into cash payments for land purchases rendered the assessment orders erroneous and prejudicial to revenue. The Tribunal also condoned the delay in filing the appeals and clarified the applicability of Explanation 2 to Section 263(1), stating it applies to all assessments as a clarificatory provision. Case-Laws Income Tax Tue, 20 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400041