https://www.taxtmi.com/caselaws?id=419428 The Tribunal upheld the order of the Principal Commissioner of Income Tax (Pr. CIT) under Section 263 of the Income Tax Act, 1961, and dismissed the appeal. It was found that the Assessing Officer (AO) failed to conduct proper enquiries regarding sundry creditors and labour wages payable, rendering the assessment order erroneous and prejudicial to the interest of the Revenue. The Tribunal agreed with the Pr. CIT that the AO's verification was inadequate, leading to the dismissal of the appeal and upholding of the Pr. CIT's jurisdiction in initiating proceedings under Section 263. en-us Wed, 23 Feb 2022 00:00:00 +0530 Mon, 27 Jun 2022 15:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=419428 The Tribunal upheld the order of the Principal Commissioner of Income Tax (Pr. CIT) under Section 263 of the Income Tax Act, 1961, and dismissed the appeal. It was found that the Assessing Officer (AO) failed to conduct proper enquiries regarding sundry creditors and labour wages payable, rendering the assessment order erroneous and prejudicial to the interest of the Revenue. The Tribunal agreed with the Pr. CIT that the AO's verification was inadequate, leading to the dismissal of the appeal and upholding of the Pr. CIT's jurisdiction in initiating proceedings under Section 263. Case-Laws Income Tax Wed, 23 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=419428