https://www.taxtmi.com/caselaws?id=433506 The Tribunal upheld the order u/s 263 of the Income Tax Act, 1961, finding that the Principal Commissioner of Income Tax had jurisdiction to correct mistakes made by the Assessing Officer. The Tribunal emphasized the necessity for proper enquiry and verification before completing assessments, particularly in cases involving cash deposits under Section 69A. The assessment order was partially set aside for further inquiry to rectify under-assessment issues, highlighting the importance of thorough investigation in determining accurate income figures and ensuring a fair assessment process. The appeal challenging the order u/s 263 was dismissed due to unsubstantiated arguments and factual errors in the original assessment. en-us Wed, 14 Dec 2022 00:00:00 +0530 Wed, 01 Feb 2023 08:55:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=433506 The Tribunal upheld the order u/s 263 of the Income Tax Act, 1961, finding that the Principal Commissioner of Income Tax had jurisdiction to correct mistakes made by the Assessing Officer. The Tribunal emphasized the necessity for proper enquiry and verification before completing assessments, particularly in cases involving cash deposits under Section 69A. The assessment order was partially set aside for further inquiry to rectify under-assessment issues, highlighting the importance of thorough investigation in determining accurate income figures and ensuring a fair assessment process. The appeal challenging the order u/s 263 was dismissed due to unsubstantiated arguments and factual errors in the original assessment. Case-Laws Income Tax Wed, 14 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=433506