https://www.taxtmi.com/caselaws?id=431046 The Tribunal held that the Principal Commissioner of Income Tax's invocation of section 263 was not justified as the Assessing Officer had adequately inquired into the unaccounted income, making the assessment order under section 143(3) valid. The Tribunal emphasized that lack of inquiry by the AO did not render the order erroneous. Therefore, the appeal was allowed, and the PCIT's revisional order was quashed, upholding the assessment framed by the AO. en-us Wed, 07 Sep 2022 00:00:00 +0530 Mon, 05 Dec 2022 08:59:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431046 The Tribunal held that the Principal Commissioner of Income Tax's invocation of section 263 was not justified as the Assessing Officer had adequately inquired into the unaccounted income, making the assessment order under section 143(3) valid. The Tribunal emphasized that lack of inquiry by the AO did not render the order erroneous. Therefore, the appeal was allowed, and the PCIT's revisional order was quashed, upholding the assessment framed by the AO. Case-Laws Income Tax Wed, 07 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431046