https://www.taxtmi.com/caselaws?id=421410 The Tribunal held that the Principal Commissioner of Income Tax (PCIT) was unjustified in using revisionary powers under Section 263 for the issues related to source of cash deposits, genuineness of unsecured loans, and assessment of gains from the sale of shops. The Assessing Officer (AO) had conducted sufficient inquiries, and the PCIT's contentions were either based on incorrect facts or involved debatable matters settled by higher authorities. As a result, the Tribunal set aside the PCIT's order and allowed the appellant's appeals for the assessment years 2008-09, 2009-10, and 2010-11. en-us Wed, 20 Apr 2022 00:00:00 +0530 Sat, 23 Apr 2022 08:35:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=421410 The Tribunal held that the Principal Commissioner of Income Tax (PCIT) was unjustified in using revisionary powers under Section 263 for the issues related to source of cash deposits, genuineness of unsecured loans, and assessment of gains from the sale of shops. The Assessing Officer (AO) had conducted sufficient inquiries, and the PCIT's contentions were either based on incorrect facts or involved debatable matters settled by higher authorities. As a result, the Tribunal set aside the PCIT's order and allowed the appellant's appeals for the assessment years 2008-09, 2009-10, and 2010-11. Case-Laws Income Tax Wed, 20 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=421410