https://www.taxtmi.com/caselaws?id=402388 The tribunal upheld the validity of the notice issued under section 263 of the Income Tax Act, rejecting the argument that it was invalid due to being signed by an incorrect authority. Additionally, the tribunal found the order passed under section 263 to be arbitrary and lacking legal basis, leading to its quashing. Concerns raised about the source of investment for a jointly purchased residential property were deemed unfounded, as the Assessing Officer had diligently examined the investment sources, leading to the conclusion that the PCIT's revisional jurisdiction lacked merit. The appeals were partly allowed based on these findings. en-us Thu, 05 Nov 2020 00:00:00 +0530 Thu, 31 Dec 2020 14:02:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=402388 The tribunal upheld the validity of the notice issued under section 263 of the Income Tax Act, rejecting the argument that it was invalid due to being signed by an incorrect authority. Additionally, the tribunal found the order passed under section 263 to be arbitrary and lacking legal basis, leading to its quashing. Concerns raised about the source of investment for a jointly purchased residential property were deemed unfounded, as the Assessing Officer had diligently examined the investment sources, leading to the conclusion that the PCIT's revisional jurisdiction lacked merit. The appeals were partly allowed based on these findings. Case-Laws Income Tax Thu, 05 Nov 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=402388