https://www.taxtmi.com/caselaws?id=426828 The Tribunal upheld the Principal Commissioner of Income Tax's (PCIT) jurisdiction under section 263, finding that the Assessing Officer (AO) failed to conduct necessary inquiries. The AO's inadequate verification of a transaction led to the PCIT's revisionary order. While the PCIT considered an audit objection, its decision was independently justified. The Tribunal rejected claims of violating natural justice, affirming the PCIT's valid order under section 263 due to the AO's shortcomings. en-us Wed, 03 Aug 2022 00:00:00 +0530 Fri, 26 Aug 2022 08:36:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=426828 The Tribunal upheld the Principal Commissioner of Income Tax's (PCIT) jurisdiction under section 263, finding that the Assessing Officer (AO) failed to conduct necessary inquiries. The AO's inadequate verification of a transaction led to the PCIT's revisionary order. While the PCIT considered an audit objection, its decision was independently justified. The Tribunal rejected claims of violating natural justice, affirming the PCIT's valid order under section 263 due to the AO's shortcomings. Case-Laws Income Tax Wed, 03 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=426828