https://www.taxtmi.com/caselaws?id=427606 The Tribunal held that the assessment order under section 143(3) of the Income Tax Act was not erroneous or prejudicial to the Revenue's interest. It emphasized that the Assessing Officer had conducted adequate inquiries and considered the submissions provided by the assessee for various issues raised by the Principal Commissioner of Income Tax. The Tribunal overturned the revisional order by the PCIT and allowed the appeal filed by the assessee, highlighting the distinction between lack of inquiry and inadequate inquiry, affirming the AO's discretion in determining the extent of necessary inquiry. en-us Fri, 09 Sep 2022 00:00:00 +0530 Mon, 12 Sep 2022 14:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427606 The Tribunal held that the assessment order under section 143(3) of the Income Tax Act was not erroneous or prejudicial to the Revenue's interest. It emphasized that the Assessing Officer had conducted adequate inquiries and considered the submissions provided by the assessee for various issues raised by the Principal Commissioner of Income Tax. The Tribunal overturned the revisional order by the PCIT and allowed the appeal filed by the assessee, highlighting the distinction between lack of inquiry and inadequate inquiry, affirming the AO's discretion in determining the extent of necessary inquiry. Case-Laws Income Tax Fri, 09 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427606