https://www.taxtmi.com/caselaws?id=417560 The Tribunal upheld the Ld. CIT's order under section 263, finding the AO's assessment erroneous and prejudicial to the revenue's interest. The Tribunal directed a detailed examination by the AO, highlighting issues such as unreported interest income, cash payments for plots, and improper examination of capital loss. The Tribunal emphasized the lack of scrutiny by the AO, remitting the matter for a thorough review to determine the correct income, dismissing the merger argument between the AO's and Tribunal's orders. The appeal by the assessee was dismissed, affirming the Ld. CIT's decision. en-us Tue, 30 Nov 2021 00:00:00 +0530 Thu, 27 Jan 2022 08:41:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=417560 The Tribunal upheld the Ld. CIT's order under section 263, finding the AO's assessment erroneous and prejudicial to the revenue's interest. The Tribunal directed a detailed examination by the AO, highlighting issues such as unreported interest income, cash payments for plots, and improper examination of capital loss. The Tribunal emphasized the lack of scrutiny by the AO, remitting the matter for a thorough review to determine the correct income, dismissing the merger argument between the AO's and Tribunal's orders. The appeal by the assessee was dismissed, affirming the Ld. CIT's decision. Case-Laws Income Tax Tue, 30 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=417560