https://www.taxtmi.com/caselaws?id=402486 The Tribunal held that the order passed by the Assessing Officer (AO) was not erroneous, rejecting the Principal Commissioner of Income Tax's (PCIT) invocation of section 263 of the Income Tax Act. The Tribunal found that the AO had adequately examined the issues related to the validity of the order, salary and interest payments to partners, long-term capital gain computation, and deposits and withdrawals in partners' capital accounts. As a result, the Tribunal set aside the PCIT's order and allowed the appeal filed by the assessee, emphasizing the difference between "lack of enquiry" and "inadequate enquiry." en-us Thu, 29 Oct 2020 00:00:00 +0530 Mon, 04 Jan 2021 11:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=402486 The Tribunal held that the order passed by the Assessing Officer (AO) was not erroneous, rejecting the Principal Commissioner of Income Tax's (PCIT) invocation of section 263 of the Income Tax Act. The Tribunal found that the AO had adequately examined the issues related to the validity of the order, salary and interest payments to partners, long-term capital gain computation, and deposits and withdrawals in partners' capital accounts. As a result, the Tribunal set aside the PCIT's order and allowed the appeal filed by the assessee, emphasizing the difference between "lack of enquiry" and "inadequate enquiry." Case-Laws Income Tax Thu, 29 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=402486