https://www.taxtmi.com/caselaws?id=413619 The Tribunal upheld the Principal Commissioner of Income Tax's invocation of Section 263, emphasizing the Assessing Officer's failure to conduct a thorough inquiry into the cash claimed as agricultural income. It was found that the AO's order lacked proper scrutiny and verification, justifying the revision under Section 263. The Tribunal also clarified that approval under Section 153D does not prevent the PCIT from exercising revisionary powers. This case highlights the importance of AOs conducting comprehensive inquiries to verify claims, especially in cases involving substantial cash transactions. en-us Mon, 11 Oct 2021 00:00:00 +0530 Sat, 16 Oct 2021 09:07:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413619 The Tribunal upheld the Principal Commissioner of Income Tax's invocation of Section 263, emphasizing the Assessing Officer's failure to conduct a thorough inquiry into the cash claimed as agricultural income. It was found that the AO's order lacked proper scrutiny and verification, justifying the revision under Section 263. The Tribunal also clarified that approval under Section 153D does not prevent the PCIT from exercising revisionary powers. This case highlights the importance of AOs conducting comprehensive inquiries to verify claims, especially in cases involving substantial cash transactions. Case-Laws Income Tax Mon, 11 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413619