https://www.taxtmi.com/caselaws?id=443687 The Tribunal quashed the Principal Commissioner of Income Tax's order under Section 263, as the conditions for exercising jurisdiction were not met. The reassessment order dated 29-12-2019 was found valid, with discrepancies adequately addressed by the Assessing Officer. Allegations of involvement in the NRHM Scam were deemed irrelevant for reassessment. The Tribunal rejected the PCIT's directions for further inquiry on turnover and bank credit differences, Section 40A(2)(b) transactions, and depreciation on a residential flat. The Tribunal upheld the appeal, emphasizing compliance with principles of natural justice. en-us Tue, 19 Sep 2023 00:00:00 +0530 Mon, 18 May 2026 11:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=443687 The Tribunal quashed the Principal Commissioner of Income Tax's order under Section 263, as the conditions for exercising jurisdiction were not met. The reassessment order dated 29-12-2019 was found valid, with discrepancies adequately addressed by the Assessing Officer. Allegations of involvement in the NRHM Scam were deemed irrelevant for reassessment. The Tribunal rejected the PCIT's directions for further inquiry on turnover and bank credit differences, Section 40A(2)(b) transactions, and depreciation on a residential flat. The Tribunal upheld the appeal, emphasizing compliance with principles of natural justice. Case-Laws Income Tax Tue, 19 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=443687