https://www.taxtmi.com/caselaws?id=432418 The Tribunal allowed the Assessee's appeal, overturning the Revisional Authority's order under section 263 of the Income Tax Act. The Tribunal emphasized the importance of thorough assessment procedures and substantial evidence, highlighting that revisional powers should not be exercised solely based on differing opinions without substantial grounds. The Assessee successfully challenged the findings regarding unexplained cash deposits in their bank account, with the Tribunal setting aside the Revisional Authority's order due to lack of substantial evidence to deem the deposits as unaccounted income. en-us Thu, 22 Dec 2022 00:00:00 +0530 Thu, 05 Jan 2023 08:26:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=432418 The Tribunal allowed the Assessee's appeal, overturning the Revisional Authority's order under section 263 of the Income Tax Act. The Tribunal emphasized the importance of thorough assessment procedures and substantial evidence, highlighting that revisional powers should not be exercised solely based on differing opinions without substantial grounds. The Assessee successfully challenged the findings regarding unexplained cash deposits in their bank account, with the Tribunal setting aside the Revisional Authority's order due to lack of substantial evidence to deem the deposits as unaccounted income. Case-Laws Income Tax Thu, 22 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=432418