https://www.taxtmi.com/caselaws?id=411847 The tribunal allowed the appeal of the assessee, quashing the Principal Commissioner of Income Tax's order under Section 263. It held that the Assessing Officer had conducted adequate enquiries and had reasonably classified the cash deposits as business receipts based on the evidence provided. The tribunal emphasized that the PCIT's order was not sustainable as it did not meet the criteria of being erroneous and prejudicial to the revenue's interest. en-us Thu, 02 Sep 2021 00:00:00 +0530 Sat, 04 Sep 2021 08:29:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=411847 The tribunal allowed the appeal of the assessee, quashing the Principal Commissioner of Income Tax's order under Section 263. It held that the Assessing Officer had conducted adequate enquiries and had reasonably classified the cash deposits as business receipts based on the evidence provided. The tribunal emphasized that the PCIT's order was not sustainable as it did not meet the criteria of being erroneous and prejudicial to the revenue's interest. Case-Laws Income Tax Thu, 02 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=411847