https://www.taxtmi.com/caselaws?id=436595 The appellate court allowed the appeal against the order of the Principal Commissioner of Income Tax (PCIT) dated 23.03.2022. The court held that the PCIT lacked jurisdiction under section 263, as the conditions for assuming jurisdiction were not met, and the issues were already before the Assessing Officer. Additionally, the court found errors in the assessment of income related to share application money, citing inadequate verification of depositors' identity and creditworthiness. The court concluded that the PCIT's lack of independent application of mind rendered the order void ab initio, leading to the appeal being allowed in favor of the assessee. en-us Tue, 07 Mar 2023 00:00:00 +0530 Mon, 17 Apr 2023 08:06:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=436595 The appellate court allowed the appeal against the order of the Principal Commissioner of Income Tax (PCIT) dated 23.03.2022. The court held that the PCIT lacked jurisdiction under section 263, as the conditions for assuming jurisdiction were not met, and the issues were already before the Assessing Officer. Additionally, the court found errors in the assessment of income related to share application money, citing inadequate verification of depositors' identity and creditworthiness. The court concluded that the PCIT's lack of independent application of mind rendered the order void ab initio, leading to the appeal being allowed in favor of the assessee. Case-Laws Income Tax Tue, 07 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=436595