https://www.taxtmi.com/caselaws?id=417317 The Income Tax Appellate Tribunal (ITAT) upheld the Principal Commissioner of Income Tax's (PCIT) decision to revise the assessment order for the assessment year 2015-16 under section 263 of the Income Tax Act. The ITAT found the assessing officer's failure to investigate the applicability of section 56(2)(vii)(b)(ii) rendered the assessment order erroneous. While supporting the PCIT's revision, the ITAT criticized the PCIT for substituting property valuation without evidence and directed a fresh examination of the section's applicability, emphasizing an independent inquiry by the assessing officer without undue influence. The appeal was partially allowed for statistical purposes. en-us Thu, 18 Nov 2021 00:00:00 +0530 Thu, 20 Jan 2022 08:26:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=417317 The Income Tax Appellate Tribunal (ITAT) upheld the Principal Commissioner of Income Tax's (PCIT) decision to revise the assessment order for the assessment year 2015-16 under section 263 of the Income Tax Act. The ITAT found the assessing officer's failure to investigate the applicability of section 56(2)(vii)(b)(ii) rendered the assessment order erroneous. While supporting the PCIT's revision, the ITAT criticized the PCIT for substituting property valuation without evidence and directed a fresh examination of the section's applicability, emphasizing an independent inquiry by the assessing officer without undue influence. The appeal was partially allowed for statistical purposes. Case-Laws Income Tax Thu, 18 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=417317