https://www.taxtmi.com/caselaws?id=446352 The Delhi HC upheld the Tribunal's decision setting aside the PCIT's order under Section 263. The PCIT had cancelled the original assessment order claiming inadequate enquiry regarding unexplained cash deposits, without conducting any enquiry himself. The court held that the AO had properly examined the assessee's explanation that cash deposits originated from gold sales, including supporting material. The PCIT wrongly equated inadequate enquiry with no enquiry. The court emphasized that assessment orders don't require detailed reasons if the record shows the AO applied his mind to relevant issues during proceedings. en-us Wed, 29 Nov 2023 00:00:00 +0530 Thu, 30 Nov 2023 15:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446352 The Delhi HC upheld the Tribunal's decision setting aside the PCIT's order under Section 263. The PCIT had cancelled the original assessment order claiming inadequate enquiry regarding unexplained cash deposits, without conducting any enquiry himself. The court held that the AO had properly examined the assessee's explanation that cash deposits originated from gold sales, including supporting material. The PCIT wrongly equated inadequate enquiry with no enquiry. The court emphasized that assessment orders don't require detailed reasons if the record shows the AO applied his mind to relevant issues during proceedings. Case-Laws Income Tax Wed, 29 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446352