https://www.taxtmi.com/caselaws?id=423222 The Tribunal dismissed the assessee's appeal against the Order under section 263 of the Income Tax Act for the Assessment Year 2010-11. It found the assessment order lacked a reasonable basis, failed to address critical issues, and required further investigation into the transaction. The Tribunal emphasized the importance of proper inquiry, application of mind, and adherence to natural justice principles in tax assessments, upholding the revisionary authority's concerns and stressing the need for comprehensive verification of facts. en-us Thu, 12 May 2022 00:00:00 +0530 Thu, 02 Jun 2022 08:42:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=423222 The Tribunal dismissed the assessee's appeal against the Order under section 263 of the Income Tax Act for the Assessment Year 2010-11. It found the assessment order lacked a reasonable basis, failed to address critical issues, and required further investigation into the transaction. The Tribunal emphasized the importance of proper inquiry, application of mind, and adherence to natural justice principles in tax assessments, upholding the revisionary authority's concerns and stressing the need for comprehensive verification of facts. Case-Laws Income Tax Thu, 12 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=423222