https://www.taxtmi.com/caselaws?id=438143 The Tribunal quashed the PCIT's order under section 263 of the Income Tax Act, 1961, citing lack of proper verification and failure to consider the assessee's explanations. The reassessment order under sections 147/148 was also deemed invalid, as the PCIT's jurisdiction was not adequately established. Despite pending appeals, the Tribunal upheld the PCIT's authority to invoke section 263. The Tribunal found the allegations of bogus purchases unsubstantiated and concluded that the PCIT's order lacked justification, ultimately setting it aside in favor of the assessee. en-us Thu, 27 Apr 2023 00:00:00 +0530 Wed, 24 May 2023 12:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=438143 The Tribunal quashed the PCIT's order under section 263 of the Income Tax Act, 1961, citing lack of proper verification and failure to consider the assessee's explanations. The reassessment order under sections 147/148 was also deemed invalid, as the PCIT's jurisdiction was not adequately established. Despite pending appeals, the Tribunal upheld the PCIT's authority to invoke section 263. The Tribunal found the allegations of bogus purchases unsubstantiated and concluded that the PCIT's order lacked justification, ultimately setting it aside in favor of the assessee. Case-Laws Income Tax Thu, 27 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=438143