https://www.taxtmi.com/caselaws?id=425798 The Tribunal allowed the assessee's appeal, finding that the Assessing Officer had conducted adequate inquiries and applied his mind regarding the share capital introduced, rendering the order not erroneous. The Tribunal held that the Principal Commissioner of Income Tax could not substitute his judgment for that of the AO, concluding that the proceedings under section 263 were unjustified. The appeal was allowed, and the order was pronounced in the Court at Ahmedabad on 29/07/2022. en-us Fri, 29 Jul 2022 00:00:00 +0530 Mon, 01 Aug 2022 09:34:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=425798 The Tribunal allowed the assessee's appeal, finding that the Assessing Officer had conducted adequate inquiries and applied his mind regarding the share capital introduced, rendering the order not erroneous. The Tribunal held that the Principal Commissioner of Income Tax could not substitute his judgment for that of the AO, concluding that the proceedings under section 263 were unjustified. The appeal was allowed, and the order was pronounced in the Court at Ahmedabad on 29/07/2022. Case-Laws Income Tax Fri, 29 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=425798