https://www.taxtmi.com/caselaws?id=407952 The tribunal found that the Assessing Officer's lack of necessary inquiries rendered the assessment order erroneous and prejudicial to the revenue. The Principal Commissioner of Income Tax's jurisdiction under Section 263 was upheld. The AO's failure to verify various transactions, including booking advances, loans, unsecured loans, expenses, sundry creditors, and agricultural income, led to the decision to direct a fresh assessment. The appeal by the assessee was dismissed, affirming the need for a new assessment by the AO. en-us Mon, 24 May 2021 00:00:00 +0530 Thu, 27 May 2021 08:35:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=407952 The tribunal found that the Assessing Officer's lack of necessary inquiries rendered the assessment order erroneous and prejudicial to the revenue. The Principal Commissioner of Income Tax's jurisdiction under Section 263 was upheld. The AO's failure to verify various transactions, including booking advances, loans, unsecured loans, expenses, sundry creditors, and agricultural income, led to the decision to direct a fresh assessment. The appeal by the assessee was dismissed, affirming the need for a new assessment by the AO. Case-Laws Income Tax Mon, 24 May 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=407952