https://www.taxtmi.com/caselaws?id=301897 The Tribunal allowed the appeal, quashing the revisionary proceedings under Section 263 and restoring the AO's assessment order. It held that the AO had conducted sufficient inquiries into the source of investment in immovable property, accepting confirmations and sale deeds. The Tribunal emphasized that the Pr. CIT lacked grounds for revision as the AO's order was not erroneous. The decision highlighted the importance of the Pr. CIT conducting an independent inquiry before invoking Section 263. en-us Thu, 28 Oct 2021 00:00:00 +0530 Mon, 25 Apr 2022 20:44:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=301897 The Tribunal allowed the appeal, quashing the revisionary proceedings under Section 263 and restoring the AO's assessment order. It held that the AO had conducted sufficient inquiries into the source of investment in immovable property, accepting confirmations and sale deeds. The Tribunal emphasized that the Pr. CIT lacked grounds for revision as the AO's order was not erroneous. The decision highlighted the importance of the Pr. CIT conducting an independent inquiry before invoking Section 263. Case-Laws Income Tax Thu, 28 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=301897