https://www.taxtmi.com/caselaws?id=436654 The Tribunal upheld the Principal Commissioner of Income Tax's order under section 263, finding the Assessing Officer's assessment to be erroneous and prejudicial to revenue interests. The AO failed to adequately inquire into the disclosed income during the survey, leading to improper classification for taxation purposes. The Tribunal directed the AO to conduct a fresh assessment with proper inquiries, dismissing the assessee's appeal. en-us Tue, 21 Mar 2023 00:00:00 +0530 Tue, 18 Apr 2023 08:39:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=436654 The Tribunal upheld the Principal Commissioner of Income Tax's order under section 263, finding the Assessing Officer's assessment to be erroneous and prejudicial to revenue interests. The AO failed to adequately inquire into the disclosed income during the survey, leading to improper classification for taxation purposes. The Tribunal directed the AO to conduct a fresh assessment with proper inquiries, dismissing the assessee's appeal. Case-Laws Income Tax Tue, 21 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=436654