https://www.taxtmi.com/caselaws?id=437924 The Tribunal upheld the PCIT's decision to set aside the assessment order under section 263 of the Income-tax Act, 1961, for the assessment year 2017-18. The Tribunal agreed with the PCIT that the assessment order was erroneous and prejudicial to revenue interests due to inadequate verification of issues related to share premium increase, cash deposits during demonetization, and bad debts. Consequently, the appellant's appeal was dismissed, affirming the need for reassessment to address these concerns. en-us Wed, 10 May 2023 00:00:00 +0530 Wed, 31 Jan 2024 13:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=437924 The Tribunal upheld the PCIT's decision to set aside the assessment order under section 263 of the Income-tax Act, 1961, for the assessment year 2017-18. The Tribunal agreed with the PCIT that the assessment order was erroneous and prejudicial to revenue interests due to inadequate verification of issues related to share premium increase, cash deposits during demonetization, and bad debts. Consequently, the appellant's appeal was dismissed, affirming the need for reassessment to address these concerns. Case-Laws Income Tax Wed, 10 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=437924