https://www.taxtmi.com/caselaws?id=407275 The tribunal allowed the appeal, quashing the order passed under Section 263 of the Income Tax Act. It held that the Assessing Officer had conducted thorough verification of transactions, including purchase and sale of shares, and had taken a possible view within his jurisdiction. The tribunal found the Principal Commissioner of Income Tax's invocation of Section 263 lacked a clear indication of error or prejudice to revenue in the AO's assessment, thus ruling in favor of the assessee. en-us Fri, 30 Apr 2021 00:00:00 +0530 Wed, 05 May 2021 08:37:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=407275 The tribunal allowed the appeal, quashing the order passed under Section 263 of the Income Tax Act. It held that the Assessing Officer had conducted thorough verification of transactions, including purchase and sale of shares, and had taken a possible view within his jurisdiction. The tribunal found the Principal Commissioner of Income Tax's invocation of Section 263 lacked a clear indication of error or prejudice to revenue in the AO's assessment, thus ruling in favor of the assessee. Case-Laws Income Tax Fri, 30 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=407275