https://www.taxtmi.com/caselaws?id=416367 The Tribunal held that the Principal Commissioner of Income Tax (PCIT) was not justified in revising the assessment order under section 263 of the Income Tax Act, 1961, as the Assessing Officer had made inquiries regarding the receipt of share premium and expenditure. The Tribunal emphasized that lack of proper inquiry does not necessarily warrant revision. The PCIT's attempt to substitute the valuation method accepted by the AO was deemed inappropriate. The Tribunal allowed the appeal in favor of the assessee regarding the share premium issue and dismissed the grounds related to the expenditure claim. en-us Thu, 16 Dec 2021 00:00:00 +0530 Mon, 27 Dec 2021 06:37:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=416367 The Tribunal held that the Principal Commissioner of Income Tax (PCIT) was not justified in revising the assessment order under section 263 of the Income Tax Act, 1961, as the Assessing Officer had made inquiries regarding the receipt of share premium and expenditure. The Tribunal emphasized that lack of proper inquiry does not necessarily warrant revision. The PCIT's attempt to substitute the valuation method accepted by the AO was deemed inappropriate. The Tribunal allowed the appeal in favor of the assessee regarding the share premium issue and dismissed the grounds related to the expenditure claim. Case-Laws Income Tax Thu, 16 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=416367