https://www.taxtmi.com/caselaws?id=427241 The Tribunal upheld the Principal Commissioner of Income Tax's invocation of Section 263, finding the Assessing Officer's assessment lacking in detailed investigation and independent inquiry. The Tribunal agreed that the AO failed to comply with directions to examine the source of share application money adequately. Additionally, the AO's failure to verify the financial position and rationale behind share premium led to erroneous assessment under Section 68. The Tribunal highlighted deficiencies in the AO's enquiries regarding shareholder investments, emphasizing the need for thorough verification. Ultimately, the Tribunal dismissed the appeal, affirming the order under Section 263 due to the assessment's inadequacy and prejudicial impact on revenue interests. en-us Wed, 31 Aug 2022 00:00:00 +0530 Sat, 03 Sep 2022 17:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427241 The Tribunal upheld the Principal Commissioner of Income Tax's invocation of Section 263, finding the Assessing Officer's assessment lacking in detailed investigation and independent inquiry. The Tribunal agreed that the AO failed to comply with directions to examine the source of share application money adequately. Additionally, the AO's failure to verify the financial position and rationale behind share premium led to erroneous assessment under Section 68. The Tribunal highlighted deficiencies in the AO's enquiries regarding shareholder investments, emphasizing the need for thorough verification. Ultimately, the Tribunal dismissed the appeal, affirming the order under Section 263 due to the assessment's inadequacy and prejudicial impact on revenue interests. Case-Laws Income Tax Wed, 31 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427241