https://www.taxtmi.com/caselaws?id=441458 The Tribunal upheld the Principal Commissioner of Income Tax's decision to set aside the Assessing Officer's order under section 143(3) due to accepting a large cash deposit during demonetization. The Tribunal found the AO's failure to investigate the cash deposit issue rendered the order erroneous, justifying the PCIT's invocation of section 263. The appeal was rejected, affirming the PCIT's stance that the AO's acceptance of the cash deposit without taxation was prejudicial to the Revenue's interest. en-us Fri, 07 Jul 2023 00:00:00 +0530 Wed, 09 Aug 2023 07:34:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=441458 The Tribunal upheld the Principal Commissioner of Income Tax's decision to set aside the Assessing Officer's order under section 143(3) due to accepting a large cash deposit during demonetization. The Tribunal found the AO's failure to investigate the cash deposit issue rendered the order erroneous, justifying the PCIT's invocation of section 263. The appeal was rejected, affirming the PCIT's stance that the AO's acceptance of the cash deposit without taxation was prejudicial to the Revenue's interest. Case-Laws Income Tax Fri, 07 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=441458