https://www.taxtmi.com/caselaws?id=305008 The Appellate Tribunal ITAT Kolkata upheld the orders passed by the Commissioners of Income-tax under section 263 of the Income-tax Act, 1961 for various assessment years. The Tribunal emphasized that the CIT could revise assessment orders if the Assessing Officer failed to conclude inquiries logically, clarifying that inadequate inquiries empowered the CIT to revise orders. It was established that the notices under section 263 were properly served, and the Tribunal affirmed that additions under section 68 could be made in the first year of a company's incorporation. The Tribunal dismissed all appeals based on established legal principles. en-us Thu, 05 Nov 2015 00:00:00 +0530 Fri, 11 Nov 2022 08:59:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=305008 The Appellate Tribunal ITAT Kolkata upheld the orders passed by the Commissioners of Income-tax under section 263 of the Income-tax Act, 1961 for various assessment years. The Tribunal emphasized that the CIT could revise assessment orders if the Assessing Officer failed to conclude inquiries logically, clarifying that inadequate inquiries empowered the CIT to revise orders. It was established that the notices under section 263 were properly served, and the Tribunal affirmed that additions under section 68 could be made in the first year of a company's incorporation. The Tribunal dismissed all appeals based on established legal principles. Case-Laws Income Tax Thu, 05 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=305008