https://www.taxtmi.com/caselaws?id=413403 The Tribunal held that the Principal Commissioner of Income Tax's setting aside of the Assessing Officer's order was not justified. It found that the AO had properly verified and examined the surrendered amount, unsecured loans, creditworthiness of parties, and other relevant aspects. The Tribunal concluded that the AO's actions were in line with legal requirements, and the PCIT's invocation of Section 263 was unfounded. As a result, the Tribunal set aside the PCIT's order and ruled in favor of the assessee. en-us Thu, 07 Oct 2021 00:00:00 +0530 Mon, 11 Oct 2021 08:28:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413403 The Tribunal held that the Principal Commissioner of Income Tax's setting aside of the Assessing Officer's order was not justified. It found that the AO had properly verified and examined the surrendered amount, unsecured loans, creditworthiness of parties, and other relevant aspects. The Tribunal concluded that the AO's actions were in line with legal requirements, and the PCIT's invocation of Section 263 was unfounded. As a result, the Tribunal set aside the PCIT's order and ruled in favor of the assessee. Case-Laws Income Tax Thu, 07 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413403