https://www.taxtmi.com/caselaws?id=299497 The Tribunal set aside the Commissioner of Income Tax's order invoking jurisdiction under Section 263 of the Income-tax Act, 1961, in a case concerning alleged hawala transactions. The Tribunal found that the Assessing Officer had conducted sufficient verification and that the assessment order was not erroneous or prejudicial to revenue. The Tribunal ruled in favor of the assessee, concluding that the Commissioner's exercise of jurisdiction under Section 263 was invalid and without basis. As a result, the appeal of the assessee was allowed, and the Commissioner's order was overturned. en-us Mon, 21 Mar 2016 00:00:00 +0530 Fri, 17 Dec 2021 08:51:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=299497 The Tribunal set aside the Commissioner of Income Tax's order invoking jurisdiction under Section 263 of the Income-tax Act, 1961, in a case concerning alleged hawala transactions. The Tribunal found that the Assessing Officer had conducted sufficient verification and that the assessment order was not erroneous or prejudicial to revenue. The Tribunal ruled in favor of the assessee, concluding that the Commissioner's exercise of jurisdiction under Section 263 was invalid and without basis. As a result, the appeal of the assessee was allowed, and the Commissioner's order was overturned. Case-Laws Income Tax Mon, 21 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=299497