https://www.taxtmi.com/caselaws?id=295254 The Tribunal quashed the revision order passed by the Principal Commissioner of Income Tax (PCIT) under section 263, holding that the assessment order by the Assessing Officer (AO) was not erroneous or prejudicial to the Revenue's interest. The Tribunal found that the AO had conducted proper inquiries into the share capital and share premium received, and the provisions of section 56(2)(viib) were not applicable in this case. The appeal of the assessee was allowed, emphasizing the lack of evidence supporting the claim of a bogus transaction, ensuring fairness and adherence to established legal principles. en-us Mon, 31 Dec 2018 00:00:00 +0530 Wed, 26 May 2021 08:40:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=295254 The Tribunal quashed the revision order passed by the Principal Commissioner of Income Tax (PCIT) under section 263, holding that the assessment order by the Assessing Officer (AO) was not erroneous or prejudicial to the Revenue's interest. The Tribunal found that the AO had conducted proper inquiries into the share capital and share premium received, and the provisions of section 56(2)(viib) were not applicable in this case. The appeal of the assessee was allowed, emphasizing the lack of evidence supporting the claim of a bogus transaction, ensuring fairness and adherence to established legal principles. Case-Laws Income Tax Mon, 31 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=295254