https://www.taxtmi.com/caselaws?id=423271 The Tribunal upheld the Principal Commissioner's order under section 263 of the Income Tax Act, setting aside the assessment order due to inadequate examination of the genuineness of loans and expenses. The appellant's appeal was dismissed for failure to participate in the proceedings. The Tribunal found the revision order justified, emphasizing the Assessing Officer's failure to conduct necessary verifications, leading to an erroneous assessment prejudicial to revenue. en-us Fri, 20 May 2022 00:00:00 +0530 Fri, 03 Jun 2022 08:27:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=423271 The Tribunal upheld the Principal Commissioner's order under section 263 of the Income Tax Act, setting aside the assessment order due to inadequate examination of the genuineness of loans and expenses. The appellant's appeal was dismissed for failure to participate in the proceedings. The Tribunal found the revision order justified, emphasizing the Assessing Officer's failure to conduct necessary verifications, leading to an erroneous assessment prejudicial to revenue. Case-Laws Income Tax Fri, 20 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=423271