https://www.taxtmi.com/caselaws?id=300512 The Tribunal quashed the Principal Commissioner of Income Tax's order under Section 263, as it found that the Assessing Officer had conducted detailed inquiries and accepted the explanations provided by the assessee regarding cash deposits and investment in shares. The Tribunal held that the conditions for invoking Section 263 were not met, and thus allowed the assessee's appeals for the assessment years 2007-08 and 2008-09. The orders passed under Section 263 were cancelled, and the appeals of the assessee were allowed. en-us Wed, 30 May 2018 00:00:00 +0530 Tue, 08 Feb 2022 06:53:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=300512 The Tribunal quashed the Principal Commissioner of Income Tax's order under Section 263, as it found that the Assessing Officer had conducted detailed inquiries and accepted the explanations provided by the assessee regarding cash deposits and investment in shares. The Tribunal held that the conditions for invoking Section 263 were not met, and thus allowed the assessee's appeals for the assessment years 2007-08 and 2008-09. The orders passed under Section 263 were cancelled, and the appeals of the assessee were allowed. Case-Laws Income Tax Wed, 30 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=300512