https://www.taxtmi.com/caselaws?id=421058 The Tribunal ruled in favor of the assessee, holding that the assessment order was not erroneous or prejudicial to revenue's interests. The Tribunal emphasized that the Assessing Officer had conducted proper inquiries, and the Principal Commissioner of Income Tax could not revise the order under section 263 merely due to a different opinion. The initiation of proceedings under section 147 was deemed valid as the Assessing Officer followed due process. The Tribunal also accepted the explanation regarding the difference in closing balance and the gift received from the assessee's wife, rejecting the need for further verification. en-us Tue, 12 Apr 2022 00:00:00 +0530 Thu, 14 Apr 2022 14:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=421058 The Tribunal ruled in favor of the assessee, holding that the assessment order was not erroneous or prejudicial to revenue's interests. The Tribunal emphasized that the Assessing Officer had conducted proper inquiries, and the Principal Commissioner of Income Tax could not revise the order under section 263 merely due to a different opinion. The initiation of proceedings under section 147 was deemed valid as the Assessing Officer followed due process. The Tribunal also accepted the explanation regarding the difference in closing balance and the gift received from the assessee's wife, rejecting the need for further verification. Case-Laws Income Tax Tue, 12 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=421058