https://www.taxtmi.com/caselaws?id=410921 The Tribunal quashed the Principal Commissioner of Income Tax's order under Section 263, restoring the Assessing Officer's assessment order. It held that the AO's inquiry was adequate, emphasizing that the PCIT's direction to re-examine all unsecured loans exceeded jurisdiction. The Tribunal stressed the importance of the PCIT conducting an independent inquiry and making clear findings of error and prejudice to the revenue. The appeal favored the assessee, highlighting the need for adherence to principles of natural justice and fair play in the exercise of revisionary powers. en-us Tue, 20 Jul 2021 00:00:00 +0530 Thu, 12 Aug 2021 10:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=410921 The Tribunal quashed the Principal Commissioner of Income Tax's order under Section 263, restoring the Assessing Officer's assessment order. It held that the AO's inquiry was adequate, emphasizing that the PCIT's direction to re-examine all unsecured loans exceeded jurisdiction. The Tribunal stressed the importance of the PCIT conducting an independent inquiry and making clear findings of error and prejudice to the revenue. The appeal favored the assessee, highlighting the need for adherence to principles of natural justice and fair play in the exercise of revisionary powers. Case-Laws Income Tax Tue, 20 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=410921