https://www.taxtmi.com/caselaws?id=431766 The Tribunal held that the Principal Commissioner of Income Tax (PCIT) was not justified in setting aside the Assessing Officer's (AO) order under Section 263 of the Income-tax Act. It was found that the AO had conducted a proper enquiry, verified the sources of cash deposits, and examined the low profits/income declared from the liquor business adequately. The PCIT failed to provide concrete material evidence to prove that the AO's order was erroneous and prejudicial to revenue. As a result, the Tribunal quashed the PCIT's order and allowed the assessee's appeal. en-us Mon, 19 Dec 2022 00:00:00 +0530 Wed, 21 Dec 2022 09:18:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431766 The Tribunal held that the Principal Commissioner of Income Tax (PCIT) was not justified in setting aside the Assessing Officer's (AO) order under Section 263 of the Income-tax Act. It was found that the AO had conducted a proper enquiry, verified the sources of cash deposits, and examined the low profits/income declared from the liquor business adequately. The PCIT failed to provide concrete material evidence to prove that the AO's order was erroneous and prejudicial to revenue. As a result, the Tribunal quashed the PCIT's order and allowed the assessee's appeal. Case-Laws Income Tax Mon, 19 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431766