https://www.taxtmi.com/caselaws?id=405869 The Tribunal held that the Principal Commissioner of Income Tax (Pr.CIT) improperly invoked Section 263, directing the Assessing Officer (AO) to conduct further enquiries on cash deposits. The Tribunal found the AO's assessment adequate, emphasizing limited scrutiny boundaries. Citing precedent, the Tribunal ruled against the Pr.CIT's directive to treat all cash deposits as income. Consequently, the Tribunal set aside the Pr.CIT's order, deeming the AO's decision non-prejudicial. The appeal in favor of the assessee was granted on 26th March 2021. en-us Fri, 26 Mar 2021 00:00:00 +0530 Tue, 30 Mar 2021 09:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405869 The Tribunal held that the Principal Commissioner of Income Tax (Pr.CIT) improperly invoked Section 263, directing the Assessing Officer (AO) to conduct further enquiries on cash deposits. The Tribunal found the AO's assessment adequate, emphasizing limited scrutiny boundaries. Citing precedent, the Tribunal ruled against the Pr.CIT's directive to treat all cash deposits as income. Consequently, the Tribunal set aside the Pr.CIT's order, deeming the AO's decision non-prejudicial. The appeal in favor of the assessee was granted on 26th March 2021. Case-Laws Income Tax Fri, 26 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405869