https://www.taxtmi.com/caselaws?id=436211 The Tribunal allowed the appeal, finding the Principal Commissioner's invocation of Section 263 of the Income-Tax Act arbitrary and erroneous. The Tribunal held that the Assessing Officer's enquiry was adequate, including scrutiny of a cash deposit during demonetization. The Tribunal emphasized that the Principal Commissioner cannot revise orders based on disagreement alone. Consequently, the Principal Commissioner's order was quashed, and the Assessing Officer's decision was upheld as not erroneous or prejudicial to revenue interests. en-us Wed, 29 Mar 2023 00:00:00 +0530 Fri, 07 Apr 2023 08:43:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=436211 The Tribunal allowed the appeal, finding the Principal Commissioner's invocation of Section 263 of the Income-Tax Act arbitrary and erroneous. The Tribunal held that the Assessing Officer's enquiry was adequate, including scrutiny of a cash deposit during demonetization. The Tribunal emphasized that the Principal Commissioner cannot revise orders based on disagreement alone. Consequently, the Principal Commissioner's order was quashed, and the Assessing Officer's decision was upheld as not erroneous or prejudicial to revenue interests. Case-Laws Income Tax Wed, 29 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=436211