https://www.taxtmi.com/caselaws?id=438810 The court found that the Assessing Officer had conducted a thorough examination before issuing the assessment order, dismissing claims of inadequate inquiry. The court also determined that the Ld. Pr. CIT's assertion of incorrect cost of acquisition was baseless, as the expenditure was correctly treated as capital. Consequently, the court held that the Ld. Pr. CIT had no jurisdiction under section 263. As a result, the court vacated the order, allowing the appeal of the assessee. en-us Tue, 23 May 2023 00:00:00 +0530 Thu, 08 Jun 2023 17:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=438810 The court found that the Assessing Officer had conducted a thorough examination before issuing the assessment order, dismissing claims of inadequate inquiry. The court also determined that the Ld. Pr. CIT's assertion of incorrect cost of acquisition was baseless, as the expenditure was correctly treated as capital. Consequently, the court held that the Ld. Pr. CIT had no jurisdiction under section 263. As a result, the court vacated the order, allowing the appeal of the assessee. Case-Laws Income Tax Tue, 23 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=438810