https://www.taxtmi.com/caselaws?id=432275 The Tribunal condoned the delay in filing the appeal due to insufficient professional guidance. It upheld jurisdiction under section 263 to set aside the assessment order and direct a fresh assessment, emphasizing the need for proper investigation into alleged fictitious profits. The Tribunal directed taxing undisclosed income and disallowed set-off of losses against brought forward losses. It also upheld examining section 14A with rule 8D, dismissing the appeal and issuing the order on 02/12/2022. en-us Fri, 02 Dec 2022 00:00:00 +0530 Mon, 02 Jan 2023 08:36:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=432275 The Tribunal condoned the delay in filing the appeal due to insufficient professional guidance. It upheld jurisdiction under section 263 to set aside the assessment order and direct a fresh assessment, emphasizing the need for proper investigation into alleged fictitious profits. The Tribunal directed taxing undisclosed income and disallowed set-off of losses against brought forward losses. It also upheld examining section 14A with rule 8D, dismissing the appeal and issuing the order on 02/12/2022. Case-Laws Income Tax Fri, 02 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=432275