https://www.taxtmi.com/caselaws?id=432522 The tribunal upheld the Principal Commissioner of Income-tax's decision under Section 263 of the IT Act, emphasizing the necessity of thorough inquiries during assessment proceedings. The appeal challenging the order related to the applicability of deemed dividend income under Section 2(22)(e) of the Act on loan transactions was dismissed. The tribunal agreed with the PCIT that the assessing officer's lack of inquiry rendered the assessment order erroneous and prejudicial to revenue. The order was pronounced on 02/01/2023, affirming the PCIT's decision to set aside the assessment order for further verification. en-us Mon, 02 Jan 2023 00:00:00 +0530 Sat, 07 Jan 2023 08:49:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=432522 The tribunal upheld the Principal Commissioner of Income-tax's decision under Section 263 of the IT Act, emphasizing the necessity of thorough inquiries during assessment proceedings. The appeal challenging the order related to the applicability of deemed dividend income under Section 2(22)(e) of the Act on loan transactions was dismissed. The tribunal agreed with the PCIT that the assessing officer's lack of inquiry rendered the assessment order erroneous and prejudicial to revenue. The order was pronounced on 02/01/2023, affirming the PCIT's decision to set aside the assessment order for further verification. Case-Laws Income Tax Mon, 02 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=432522