https://www.taxtmi.com/caselaws?id=416105 The Tribunal ruled in favor of the assessee, quashing the Principal Commissioner's order issued under section 263 of the Income Tax Act. The Tribunal found that the Principal Commissioner's revision order was unfounded as the Assessing Officer had diligently verified the transaction and the source of funds. It was concluded that the Principal Commissioner's misconceptions about ownership and transactions were incorrect, absolving the assessee of any liability. The Tribunal held that the Principal Commissioner's order lacked legal merit, allowing the assessee's appeal and emphasizing the appropriate inquiries conducted by the Assessing Officer. en-us Tue, 07 Dec 2021 00:00:00 +0530 Tue, 21 Dec 2021 08:45:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=416105 The Tribunal ruled in favor of the assessee, quashing the Principal Commissioner's order issued under section 263 of the Income Tax Act. The Tribunal found that the Principal Commissioner's revision order was unfounded as the Assessing Officer had diligently verified the transaction and the source of funds. It was concluded that the Principal Commissioner's misconceptions about ownership and transactions were incorrect, absolving the assessee of any liability. The Tribunal held that the Principal Commissioner's order lacked legal merit, allowing the assessee's appeal and emphasizing the appropriate inquiries conducted by the Assessing Officer. Case-Laws Income Tax Tue, 07 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=416105