https://www.taxtmi.com/caselaws?id=308131 The Tribunal upheld the order passed under section 263 by the Principal Commissioner of Income Tax for the Assessment Year 2014-15. The appeal filed by the assessee challenging the order was dismissed, as the Tribunal found the assessment order to be erroneous and prejudicial to the revenue's interest due to lack of proper inquiries or verifications. The Tribunal also rejected the arguments raised by the assessee regarding the denial of a transaction with an Association of Persons and upheld the initiation of proceedings under section 263 based on the lack of examination of the source of investment and genuineness of the AOP. en-us Tue, 23 Aug 2022 00:00:00 +0530 Thu, 01 Jun 2023 20:36:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=308131 The Tribunal upheld the order passed under section 263 by the Principal Commissioner of Income Tax for the Assessment Year 2014-15. The appeal filed by the assessee challenging the order was dismissed, as the Tribunal found the assessment order to be erroneous and prejudicial to the revenue's interest due to lack of proper inquiries or verifications. The Tribunal also rejected the arguments raised by the assessee regarding the denial of a transaction with an Association of Persons and upheld the initiation of proceedings under section 263 based on the lack of examination of the source of investment and genuineness of the AOP. Case-Laws Income Tax Tue, 23 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=308131