https://www.taxtmi.com/caselaws?id=307098 The tribunal found that the Assessing Officer (AO) had adequately examined all issues raised except for the deferred payment guarantee commission. The tribunal concluded that the Principal Commissioner of Income Tax (PCIT) wrongly assumed jurisdiction under Section 263, as it was a case of inadequate inquiry rather than lack of inquiry. Therefore, the tribunal quashed the PCIT's order and allowed the appeal by the assessee. en-us Mon, 11 Apr 2022 00:00:00 +0530 Fri, 17 Mar 2023 21:47:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=307098 The tribunal found that the Assessing Officer (AO) had adequately examined all issues raised except for the deferred payment guarantee commission. The tribunal concluded that the Principal Commissioner of Income Tax (PCIT) wrongly assumed jurisdiction under Section 263, as it was a case of inadequate inquiry rather than lack of inquiry. Therefore, the tribunal quashed the PCIT's order and allowed the appeal by the assessee. Case-Laws Income Tax Mon, 11 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=307098