https://www.taxtmi.com/caselaws?id=300524 The Tribunal found that the Assessing Officer had conducted thorough inquiries into both the cash deposits by shareholders and the valuation of shares issued at a premium. The Principal Commissioner of Income Tax's order under section 263 was set aside and quashed as the Tribunal determined there was no basis for the assertion of lack of enquiry or inadequate enquiry by the AO. Consequently, the appeal of the assessee was allowed, and the order was pronounced in open court on 13-12-2019. en-us Fri, 13 Dec 2019 00:00:00 +0530 Wed, 09 Feb 2022 05:42:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=300524 The Tribunal found that the Assessing Officer had conducted thorough inquiries into both the cash deposits by shareholders and the valuation of shares issued at a premium. The Principal Commissioner of Income Tax's order under section 263 was set aside and quashed as the Tribunal determined there was no basis for the assertion of lack of enquiry or inadequate enquiry by the AO. Consequently, the appeal of the assessee was allowed, and the order was pronounced in open court on 13-12-2019. Case-Laws Income Tax Fri, 13 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=300524