https://www.taxtmi.com/caselaws?id=401749 The Tribunal concluded that the AO conducted adequate verification regarding the increase in capital and the source of funds for the gifted flat. The PCIT's invocation of Section 263 was deemed unwarranted as the AO's order was neither erroneous nor prejudicial to the revenue. Consequently, the assessee's appeal was allowed, and the PCIT's order was quashed. en-us Wed, 28 Oct 2020 00:00:00 +0530 Mon, 04 Nov 2024 12:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401749 The Tribunal concluded that the AO conducted adequate verification regarding the increase in capital and the source of funds for the gifted flat. The PCIT's invocation of Section 263 was deemed unwarranted as the AO's order was neither erroneous nor prejudicial to the revenue. Consequently, the assessee's appeal was allowed, and the PCIT's order was quashed. Case-Laws Income Tax Wed, 28 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401749