https://www.taxtmi.com/caselaws?id=437983 The appeal challenged the invocation of revisional jurisdiction u/s. 263 by the Ld. Pr. Commissioner of Income Tax for the Assessment Year 2017-18. The Tribunal held that the assessment order lacked proper examination of various issues, leading to a lack of enquiry and nonapplication of mind by the Ld. AO. The Tribunal clarified the distinction between rectification proceedings and revision under section 263, emphasizing the Commissioner's special power to revise orders prejudicial to revenue. The Tribunal directed the Ld. AO to focus on examining issues related to large cash deposits during demonetization and interest disallowance u/s 36(1)(iii), resulting in a partial allowance of the appeal. en-us Wed, 17 May 2023 00:00:00 +0530 Thu, 18 May 2023 12:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=437983 The appeal challenged the invocation of revisional jurisdiction u/s. 263 by the Ld. Pr. Commissioner of Income Tax for the Assessment Year 2017-18. The Tribunal held that the assessment order lacked proper examination of various issues, leading to a lack of enquiry and nonapplication of mind by the Ld. AO. The Tribunal clarified the distinction between rectification proceedings and revision under section 263, emphasizing the Commissioner's special power to revise orders prejudicial to revenue. The Tribunal directed the Ld. AO to focus on examining issues related to large cash deposits during demonetization and interest disallowance u/s 36(1)(iii), resulting in a partial allowance of the appeal. Case-Laws Income Tax Wed, 17 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=437983