https://www.taxtmi.com/caselaws?id=295009 The tribunal allowed the appeal, quashing the revisionary order under Section 263. It held that the Assessing Officer had properly verified the substantial increase in capital and investments, and the assessment order was not erroneous or prejudicial to the Revenue's interests. The delay in filing the appeal was condoned due to the circumstances. The tribunal emphasized taxing the correct income for the correct assessment year and ruled that investments from earlier years cannot be taxed unless from undisclosed sources. en-us Wed, 23 Oct 2019 00:00:00 +0530 Sat, 15 May 2021 08:25:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=295009 The tribunal allowed the appeal, quashing the revisionary order under Section 263. It held that the Assessing Officer had properly verified the substantial increase in capital and investments, and the assessment order was not erroneous or prejudicial to the Revenue's interests. The delay in filing the appeal was condoned due to the circumstances. The tribunal emphasized taxing the correct income for the correct assessment year and ruled that investments from earlier years cannot be taxed unless from undisclosed sources. Case-Laws Income Tax Wed, 23 Oct 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=295009