https://www.taxtmi.com/caselaws?id=405483 The Tribunal upheld the Pr. CIT's decision to set aside the assessment order for fresh examination due to the AO's failure to verify the source of increased share capital, business loss claim without confirming if the business was operational, lack of verification of fixed asset purchases, and foreign remittances for machinery purchase. The Tribunal directed the AO to conduct necessary inquiries and verify the details, dismissing the assessee's appeal. en-us Tue, 02 Mar 2021 00:00:00 +0530 Mon, 22 Mar 2021 09:16:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405483 The Tribunal upheld the Pr. CIT's decision to set aside the assessment order for fresh examination due to the AO's failure to verify the source of increased share capital, business loss claim without confirming if the business was operational, lack of verification of fixed asset purchases, and foreign remittances for machinery purchase. The Tribunal directed the AO to conduct necessary inquiries and verify the details, dismissing the assessee's appeal. Case-Laws Income Tax Tue, 02 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405483