https://www.taxtmi.com/caselaws?id=439397 The Tribunal held that the Principal Commissioner of Income Tax's revisionary order under section 263 was not justified as the Assessing Officer had conducted a thorough enquiry into the share premium received by the assessee and had properly examined the necessary details before accepting the genuineness of the transaction. The Tribunal found that the AO's assessment order was not erroneous or prejudicial to the Revenue's interest, thus setting aside and quashing the PCIT's revisionary order and allowing the appeal in favor of the assessee. en-us Wed, 21 Jun 2023 00:00:00 +0530 Fri, 23 Jun 2023 07:49:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=439397 The Tribunal held that the Principal Commissioner of Income Tax's revisionary order under section 263 was not justified as the Assessing Officer had conducted a thorough enquiry into the share premium received by the assessee and had properly examined the necessary details before accepting the genuineness of the transaction. The Tribunal found that the AO's assessment order was not erroneous or prejudicial to the Revenue's interest, thus setting aside and quashing the PCIT's revisionary order and allowing the appeal in favor of the assessee. Case-Laws Income Tax Wed, 21 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=439397