https://www.taxtmi.com/caselaws?id=422685 The Tribunal allowed the appellant's appeal, setting aside the Pr. CIT's order under Section 263 and restoring the original assessment order passed under Section 143(3). The Tribunal found that the Pr. CIT had assumed jurisdiction without demonstrating the erroneous nature of the assessment order, making the notice and order under Section 263 legally unsustainable. It was concluded that the Assessing Officer had conducted adequate inquiries regarding advances from customers and fresh capital, and the Pr. CIT's decision lacked proper consideration of facts and evidence. en-us Tue, 17 May 2022 00:00:00 +0530 Fri, 20 May 2022 09:01:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=422685 The Tribunal allowed the appellant's appeal, setting aside the Pr. CIT's order under Section 263 and restoring the original assessment order passed under Section 143(3). The Tribunal found that the Pr. CIT had assumed jurisdiction without demonstrating the erroneous nature of the assessment order, making the notice and order under Section 263 legally unsustainable. It was concluded that the Assessing Officer had conducted adequate inquiries regarding advances from customers and fresh capital, and the Pr. CIT's decision lacked proper consideration of facts and evidence. Case-Laws Income Tax Tue, 17 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=422685