https://www.taxtmi.com/caselaws?id=431266 The Tribunal upheld the Principal Commissioner of Income Tax's decision to set aside the assessment order under section 263 due to unexplained cash payments for property purchase. The Tribunal emphasized the importance of substantiating claims with concrete evidence to prevent prejudicing revenue interests. The appeals were dismissed, reinforcing the necessity for thorough verification of financial transactions in assessments. en-us Fri, 28 Oct 2022 00:00:00 +0530 Fri, 09 Dec 2022 10:00:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431266 The Tribunal upheld the Principal Commissioner of Income Tax's decision to set aside the assessment order under section 263 due to unexplained cash payments for property purchase. The Tribunal emphasized the importance of substantiating claims with concrete evidence to prevent prejudicing revenue interests. The appeals were dismissed, reinforcing the necessity for thorough verification of financial transactions in assessments. Case-Laws Income Tax Fri, 28 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431266