https://www.taxtmi.com/caselaws?id=442477 The Tribunal dismissed the appeal, upholding the Principal Commissioner's decision to set aside the assessment order under section 263 of the Income Tax Act. The Tribunal found that the Assessing Officer's failure to adequately verify the source of the investment in mutual funds led to an erroneous and prejudicial assessment order. The Tribunal distinguished case precedents cited by the assessee, emphasizing the lack of inquiry into the investments' sources. Consequently, the appeal was dismissed, affirming the cancellation of the assessment order based on inadequate verification of investments. en-us Tue, 11 Jul 2023 00:00:00 +0530 Sat, 02 Sep 2023 15:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=442477 The Tribunal dismissed the appeal, upholding the Principal Commissioner's decision to set aside the assessment order under section 263 of the Income Tax Act. The Tribunal found that the Assessing Officer's failure to adequately verify the source of the investment in mutual funds led to an erroneous and prejudicial assessment order. The Tribunal distinguished case precedents cited by the assessee, emphasizing the lack of inquiry into the investments' sources. Consequently, the appeal was dismissed, affirming the cancellation of the assessment order based on inadequate verification of investments. Case-Laws Income Tax Tue, 11 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=442477