https://www.taxtmi.com/caselaws?id=444623 The Appellate Tribunal upheld the revisionary order by the Principal Commissioner under section 263 of the Income Tax Act, 1961, finding the original assessment order erroneous and prejudicial to the interest of Revenue. The Tribunal agreed that the Assessing Officer failed to conduct necessary verifications and enquiries regarding unsecured loans and advances accepted by the assessee company. Consequently, the Tribunal dismissed the assessee's appeal, affirming the directive for a fresh assessment order with detailed verification of the loan transactions. en-us Tue, 17 Oct 2023 00:00:00 +0530 Thu, 19 Oct 2023 09:37:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=444623 The Appellate Tribunal upheld the revisionary order by the Principal Commissioner under section 263 of the Income Tax Act, 1961, finding the original assessment order erroneous and prejudicial to the interest of Revenue. The Tribunal agreed that the Assessing Officer failed to conduct necessary verifications and enquiries regarding unsecured loans and advances accepted by the assessee company. Consequently, the Tribunal dismissed the assessee's appeal, affirming the directive for a fresh assessment order with detailed verification of the loan transactions. Case-Laws Income Tax Tue, 17 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=444623