https://www.taxtmi.com/caselaws?id=412057 The Tribunal upheld the Principal Commissioner of Income Tax's order under Section 263, deeming the assessment order erroneous and prejudicial to revenue due to the AO's failure to conduct proper inquiries. The Tribunal found the acceptance of differential interest without proper examination to be erroneous, emphasizing the lack of business rationale. Despite the issue being under scrutiny by the AO, the Tribunal validated the PCIT's invocation of Section 263. The Tribunal emphasized the need for genuine transactions and proper verification, dismissing the appeal and highlighting the importance of avoiding tax-driven decisions. en-us Mon, 06 Sep 2021 00:00:00 +0530 Thu, 09 Sep 2021 08:19:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=412057 The Tribunal upheld the Principal Commissioner of Income Tax's order under Section 263, deeming the assessment order erroneous and prejudicial to revenue due to the AO's failure to conduct proper inquiries. The Tribunal found the acceptance of differential interest without proper examination to be erroneous, emphasizing the lack of business rationale. Despite the issue being under scrutiny by the AO, the Tribunal validated the PCIT's invocation of Section 263. The Tribunal emphasized the need for genuine transactions and proper verification, dismissing the appeal and highlighting the importance of avoiding tax-driven decisions. Case-Laws Income Tax Mon, 06 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=412057