https://www.taxtmi.com/caselaws?id=431640 The Tribunal set aside the Principal Commissioner's order under section 263 of the Income Tax Act, upholding the original assessment order. The assessee's appeal challenged the jurisdiction of the Principal Commissioner and the verification of cash deposits during demonetization. The Tribunal found the Assessing Officer had properly verified the sources of cash deposits and that the Principal Commissioner's order was unwarranted. The case emphasized the importance of accurate verification of sources and adherence to legal procedures in assessment matters. en-us Thu, 15 Dec 2022 00:00:00 +0530 Sat, 17 Dec 2022 09:17:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431640 The Tribunal set aside the Principal Commissioner's order under section 263 of the Income Tax Act, upholding the original assessment order. The assessee's appeal challenged the jurisdiction of the Principal Commissioner and the verification of cash deposits during demonetization. The Tribunal found the Assessing Officer had properly verified the sources of cash deposits and that the Principal Commissioner's order was unwarranted. The case emphasized the importance of accurate verification of sources and adherence to legal procedures in assessment matters. Case-Laws Income Tax Thu, 15 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431640