https://www.taxtmi.com/caselaws?id=445396 The Tribunal quashed the order under Section 263 of the Income Tax Act, ruling that the Assessing Officer conducted a thorough inquiry into the repayment of unsecured loans to shell companies. The Tribunal found that the repayment was from legitimate sources, and there was no unexplained expenditure under Section 69C. The Tribunal concluded that the revisionary powers under Section 263 were unwarranted, as the loans were previously taxed, and no substantial question of law was raised. The appeal against the Section 263 order was allowed, affirming the Assessment Order's sustainability. en-us Tue, 12 Sep 2023 00:00:00 +0530 Mon, 16 Feb 2026 11:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445396 The Tribunal quashed the order under Section 263 of the Income Tax Act, ruling that the Assessing Officer conducted a thorough inquiry into the repayment of unsecured loans to shell companies. The Tribunal found that the repayment was from legitimate sources, and there was no unexplained expenditure under Section 69C. The Tribunal concluded that the revisionary powers under Section 263 were unwarranted, as the loans were previously taxed, and no substantial question of law was raised. The appeal against the Section 263 order was allowed, affirming the Assessment Order's sustainability. Case-Laws Income Tax Tue, 12 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445396