https://www.taxtmi.com/caselaws?id=403540 The Tribunal upheld the Principal Commissioner of Income Tax's invocation of Section 263, finding the Assessing Officer's assessment order erroneous and prejudicial to the Revenue due to inadequate inquiry and failure to address discrepancies in audited balance sheets. The appeal was dismissed, and the assessment order was set aside for fresh inquiry and reassessment. en-us Thu, 28 Jan 2021 00:00:00 +0530 Mon, 01 Feb 2021 07:21:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=403540 The Tribunal upheld the Principal Commissioner of Income Tax's invocation of Section 263, finding the Assessing Officer's assessment order erroneous and prejudicial to the Revenue due to inadequate inquiry and failure to address discrepancies in audited balance sheets. The appeal was dismissed, and the assessment order was set aside for fresh inquiry and reassessment. Case-Laws Income Tax Thu, 28 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=403540