https://www.taxtmi.com/caselaws?id=435839 The Tribunal upheld the Principal Commissioner of Income Tax-1, Bengaluru's order under section 263 for the assessment year 2015-16, finding the Assessing Officer's failure to verify crucial income aspects prejudicial to revenue. Despite the assessee's argument of providing necessary details, the Tribunal concluded the AO's order as erroneous and dismissed the appeal, emphasizing the need for thorough verification. The appeal was initially deemed time-barred but considered timely due to the COVID-19 pandemic, leading to a disposal on merits. en-us Mon, 13 Mar 2023 00:00:00 +0530 Wed, 29 Mar 2023 08:01:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=435839 The Tribunal upheld the Principal Commissioner of Income Tax-1, Bengaluru's order under section 263 for the assessment year 2015-16, finding the Assessing Officer's failure to verify crucial income aspects prejudicial to revenue. Despite the assessee's argument of providing necessary details, the Tribunal concluded the AO's order as erroneous and dismissed the appeal, emphasizing the need for thorough verification. The appeal was initially deemed time-barred but considered timely due to the COVID-19 pandemic, leading to a disposal on merits. Case-Laws Income Tax Mon, 13 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=435839