https://www.taxtmi.com/caselaws?id=422890 The tribunal ruled in favor of the assessee, finding that the Principal Commissioner of Income Tax's assumption of jurisdiction under Section 263 was invalid as the Assessing Officer had conducted a proper inquiry and accepted the assessee's submissions. The tribunal also held that the assessment order under Section 143(3) read with Section 147 was valid, emphasizing that the AO had adequately examined the transactions. The tribunal quashed the revisionary proceedings initiated by the PCIT, allowing the assessee's appeal and declaring the PCIT's revision unjustified. en-us Fri, 13 May 2022 00:00:00 +0530 Tue, 24 May 2022 10:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=422890 The tribunal ruled in favor of the assessee, finding that the Principal Commissioner of Income Tax's assumption of jurisdiction under Section 263 was invalid as the Assessing Officer had conducted a proper inquiry and accepted the assessee's submissions. The tribunal also held that the assessment order under Section 143(3) read with Section 147 was valid, emphasizing that the AO had adequately examined the transactions. The tribunal quashed the revisionary proceedings initiated by the PCIT, allowing the assessee's appeal and declaring the PCIT's revision unjustified. Case-Laws Income Tax Fri, 13 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=422890