https://www.taxtmi.com/caselaws?id=444841 The HC dismissed the appeal against the Income Tax Appellate Tribunal's decision, upholding that the Tribunal was justified in quashing the order under Section 263 of the Income Tax Act. The Tribunal found that the Assessing Officer (AO) had adequately investigated the cash deposits made during demonetization, considering documents provided by the assessee. The Principal Commissioner of Income Tax's (PCIT) order was deemed incorrect, as it was based on a mere difference of opinion rather than a wholly erroneous decision by the AO. Consequently, the Tribunal allowed the assessee's appeal, and the HC found no grounds to interfere. en-us Tue, 29 Aug 2023 00:00:00 +0530 Wed, 25 Oct 2023 09:19:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=444841 The HC dismissed the appeal against the Income Tax Appellate Tribunal's decision, upholding that the Tribunal was justified in quashing the order under Section 263 of the Income Tax Act. The Tribunal found that the Assessing Officer (AO) had adequately investigated the cash deposits made during demonetization, considering documents provided by the assessee. The Principal Commissioner of Income Tax's (PCIT) order was deemed incorrect, as it was based on a mere difference of opinion rather than a wholly erroneous decision by the AO. Consequently, the Tribunal allowed the assessee's appeal, and the HC found no grounds to interfere. Case-Laws Income Tax Tue, 29 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=444841