https://www.taxtmi.com/caselaws?id=435845 The Tribunal allowed the appeal, reversing the order passed by the Principal Commissioner of Income Tax (PCIT) and reviving the assessment order. The Tribunal held that the Assessing Officer had conducted necessary enquiries regarding unsecured loans and that the assessment order was not erroneous or prejudicial to the Revenue's interests. The Tribunal criticized the PCIT for mechanically exercising revisionary power without independent application of mind, emphasizing that the AO had acted in accordance with the law and had properly considered the facts and circumstances of the case. en-us Thu, 16 Mar 2023 00:00:00 +0530 Mon, 18 Sep 2023 10:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=435845 The Tribunal allowed the appeal, reversing the order passed by the Principal Commissioner of Income Tax (PCIT) and reviving the assessment order. The Tribunal held that the Assessing Officer had conducted necessary enquiries regarding unsecured loans and that the assessment order was not erroneous or prejudicial to the Revenue's interests. The Tribunal criticized the PCIT for mechanically exercising revisionary power without independent application of mind, emphasizing that the AO had acted in accordance with the law and had properly considered the facts and circumstances of the case. Case-Laws Income Tax Thu, 16 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=435845