https://www.taxtmi.com/caselaws?id=434555 The Tribunal allowed the appeal, setting aside the order under Section 263 of the Income Tax Act. It held that the Assessing Officer had conducted adequate inquiries and taken a plausible view, thus the order was not erroneous or prejudicial to revenue. The Tribunal emphasized that even if the inquiry was deemed inadequate, it did not warrant revision under Section 263 as long as the law was correctly applied. The potential for double taxation regarding the repayment of unsecured loans was also addressed, with the Tribunal ruling that since the loans were already taxed upon receipt, taxing them again upon repayment would lead to double taxation. en-us Fri, 24 Feb 2023 00:00:00 +0530 Mon, 27 Feb 2023 11:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=434555 The Tribunal allowed the appeal, setting aside the order under Section 263 of the Income Tax Act. It held that the Assessing Officer had conducted adequate inquiries and taken a plausible view, thus the order was not erroneous or prejudicial to revenue. The Tribunal emphasized that even if the inquiry was deemed inadequate, it did not warrant revision under Section 263 as long as the law was correctly applied. The potential for double taxation regarding the repayment of unsecured loans was also addressed, with the Tribunal ruling that since the loans were already taxed upon receipt, taxing them again upon repayment would lead to double taxation. Case-Laws Income Tax Fri, 24 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=434555