https://www.taxtmi.com/caselaws?id=446085 The Tribunal upheld the decision of the Principal Commissioner of Income Tax, affirming that the assessment order was erroneous and prejudicial to the interest of Revenue due to inadequate examination by the Assessing Officer. The appeal, delayed by 51 days due to the Covid-19 pandemic, was admitted but ultimately dismissed. The Tribunal agreed that the Assessing Officer failed to properly verify the valuation of stock and cash deposits, as required. Consequently, the order under section 263 of the Income Tax Act was sustained, directing a reexamination of the issues with an opportunity for the assessee to be heard. en-us Wed, 23 Aug 2023 00:00:00 +0530 Fri, 24 Nov 2023 13:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446085 The Tribunal upheld the decision of the Principal Commissioner of Income Tax, affirming that the assessment order was erroneous and prejudicial to the interest of Revenue due to inadequate examination by the Assessing Officer. The appeal, delayed by 51 days due to the Covid-19 pandemic, was admitted but ultimately dismissed. The Tribunal agreed that the Assessing Officer failed to properly verify the valuation of stock and cash deposits, as required. Consequently, the order under section 263 of the Income Tax Act was sustained, directing a reexamination of the issues with an opportunity for the assessee to be heard. Case-Laws Income Tax Wed, 23 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446085