https://www.taxtmi.com/caselaws?id=444550 The Tribunal quashed the revisional order under Section 263 of the Income Tax Act, ruling that the Principal Commissioner of Income Tax (Pr.CIT) failed to provide adequate opportunity for the assessee to be heard, violating principles of natural justice. The Tribunal found that the Pr.CIT did not exercise independent judgment and merely adopted the Assessing Officer's (AO) proposal without proper examination. It concluded that the AO had conducted sufficient inquiries into the unsecured loans, and the Pr.CIT's dissatisfaction with these inquiries was insufficient to justify the invocation of Section 263. The assessee's appeal was allowed. en-us Thu, 12 Oct 2023 00:00:00 +0530 Wed, 18 Oct 2023 07:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=444550 The Tribunal quashed the revisional order under Section 263 of the Income Tax Act, ruling that the Principal Commissioner of Income Tax (Pr.CIT) failed to provide adequate opportunity for the assessee to be heard, violating principles of natural justice. The Tribunal found that the Pr.CIT did not exercise independent judgment and merely adopted the Assessing Officer's (AO) proposal without proper examination. It concluded that the AO had conducted sufficient inquiries into the unsecured loans, and the Pr.CIT's dissatisfaction with these inquiries was insufficient to justify the invocation of Section 263. The assessee's appeal was allowed. Case-Laws Income Tax Thu, 12 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=444550