https://www.taxtmi.com/caselaws?id=438102 The Tribunal upheld the Principal Commissioner of Income Tax's order, finding the Assessing Officer's failure to conduct proper inquiries and verifications rendered the assessment order erroneous and prejudicial to the interest of revenue. The appeal was dismissed, directing the AO to conduct thorough investigations into transaction genuineness, sources of investments, and expenses before making a fresh assessment. The decision relied on the Supreme Court's judgment in Malabar Industrial Co. Ltd. v. Commissioner of Income-tax, emphasizing that non-verification by the AO constitutes an erroneous order prejudicial to revenue. en-us Fri, 19 May 2023 00:00:00 +0530 Tue, 23 May 2023 08:13:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=438102 The Tribunal upheld the Principal Commissioner of Income Tax's order, finding the Assessing Officer's failure to conduct proper inquiries and verifications rendered the assessment order erroneous and prejudicial to the interest of revenue. The appeal was dismissed, directing the AO to conduct thorough investigations into transaction genuineness, sources of investments, and expenses before making a fresh assessment. The decision relied on the Supreme Court's judgment in Malabar Industrial Co. Ltd. v. Commissioner of Income-tax, emphasizing that non-verification by the AO constitutes an erroneous order prejudicial to revenue. Case-Laws Income Tax Fri, 19 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=438102