https://www.taxtmi.com/caselaws?id=429093 The Tribunal upheld the Principal Commissioner of Income Tax's order under Section 263, dismissing the assessee's appeal. The Tribunal found that the Assessing Officer had not conducted proper inquiries into the share premium received, leading to an erroneous assessment prejudicial to the Revenue's interest. Additionally, the Tribunal noted the misuse of adjournment requests by the assessee, emphasizing procedural fairness. Ultimately, the appeal was dismissed, affirming the PCIT's order. en-us Wed, 28 Sep 2022 00:00:00 +0530 Tue, 18 Oct 2022 08:51:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=429093 The Tribunal upheld the Principal Commissioner of Income Tax's order under Section 263, dismissing the assessee's appeal. The Tribunal found that the Assessing Officer had not conducted proper inquiries into the share premium received, leading to an erroneous assessment prejudicial to the Revenue's interest. Additionally, the Tribunal noted the misuse of adjournment requests by the assessee, emphasizing procedural fairness. Ultimately, the appeal was dismissed, affirming the PCIT's order. Case-Laws Income Tax Wed, 28 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=429093