https://www.taxtmi.com/caselaws?id=294231 The Tribunal overturned the Pr.CIT's order under section 263 of the Income Tax Act, finding that the AO's assessment was not erroneous. The Tribunal held that while there were discrepancies in the entries, the AO had conducted a proper inquiry into the cash credits and discrepancies, even though specific findings were not recorded in the assessment order. The Tribunal emphasized that the Pr.CIT's concerns were related to the adequacy of the inquiry rather than a lack of inquiry, ultimately ruling in favor of the assessee and canceling the Pr.CIT's order. en-us Tue, 31 Jul 2018 00:00:00 +0530 Mon, 29 Mar 2021 19:25:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=294231 The Tribunal overturned the Pr.CIT's order under section 263 of the Income Tax Act, finding that the AO's assessment was not erroneous. The Tribunal held that while there were discrepancies in the entries, the AO had conducted a proper inquiry into the cash credits and discrepancies, even though specific findings were not recorded in the assessment order. The Tribunal emphasized that the Pr.CIT's concerns were related to the adequacy of the inquiry rather than a lack of inquiry, ultimately ruling in favor of the assessee and canceling the Pr.CIT's order. Case-Laws Income Tax Tue, 31 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=294231