https://www.taxtmi.com/caselaws?id=444232 The Tribunal condoned the delay in the appeal by the assessee, attributing a significant portion to the Covid-19 pandemic and accepted the appeal for adjudication. It found that the Assessing Officer had conducted proper inquiries during the original assessment, including verification of unsecured loans and tax credit mismatch. The Tribunal upheld the adequacy of the AO's inquiry and concluded that the assumption of jurisdiction under Section 263 by the Pr. CIT was unjustified. Consequently, the Tribunal quashed the Pr. CIT's order and restored the original assessment order, ruling in favor of the assessee. en-us Tue, 06 Jun 2023 00:00:00 +0530 Mon, 09 Oct 2023 12:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=444232 The Tribunal condoned the delay in the appeal by the assessee, attributing a significant portion to the Covid-19 pandemic and accepted the appeal for adjudication. It found that the Assessing Officer had conducted proper inquiries during the original assessment, including verification of unsecured loans and tax credit mismatch. The Tribunal upheld the adequacy of the AO's inquiry and concluded that the assumption of jurisdiction under Section 263 by the Pr. CIT was unjustified. Consequently, the Tribunal quashed the Pr. CIT's order and restored the original assessment order, ruling in favor of the assessee. Case-Laws Income Tax Tue, 06 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=444232