https://www.taxtmi.com/caselaws?id=438457 The Tribunal found that the Principal Commissioner of Income Tax (PCIT) lacked jurisdiction to issue a notice under section 263 and cancel the assessment by the Assessing Officer (AO). The AO's inquiry was deemed adequate during the assessment proceedings, including examination of an unsecured loan and a cash payment. The PCIT's order under section 263 was invalidated, and the AO's assessment order was upheld. The appeal by the assessee was successful, with the Tribunal determining that the AO's actions were proper and the assessment order was not detrimental to revenue interests. en-us Thu, 04 May 2023 00:00:00 +0530 Fri, 01 Sep 2023 10:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=438457 The Tribunal found that the Principal Commissioner of Income Tax (PCIT) lacked jurisdiction to issue a notice under section 263 and cancel the assessment by the Assessing Officer (AO). The AO's inquiry was deemed adequate during the assessment proceedings, including examination of an unsecured loan and a cash payment. The PCIT's order under section 263 was invalidated, and the AO's assessment order was upheld. The appeal by the assessee was successful, with the Tribunal determining that the AO's actions were proper and the assessment order was not detrimental to revenue interests. Case-Laws Income Tax Thu, 04 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=438457