https://www.taxtmi.com/caselaws?id=448902 The HC dismissed the revenue's appeal under Section 260A of the Income Tax Act, 1961, upholding the Income Tax Appellate Tribunal's decision to set aside the Principal Commissioner of Income Tax's order under Section 263. The Tribunal found no substantial evidence to question the genuineness of a loan transaction and noted that the CIT had not conducted sufficient inquiries to justify revisional action. The HC found no substantial question of law in the case, which involved a tax dispute below Rs. 18,00,000, and ruled in favor of the assessee, dismissing the appeal. en-us Thu, 25 Jan 2024 00:00:00 +0530 Thu, 01 Feb 2024 07:45:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448902 The HC dismissed the revenue's appeal under Section 260A of the Income Tax Act, 1961, upholding the Income Tax Appellate Tribunal's decision to set aside the Principal Commissioner of Income Tax's order under Section 263. The Tribunal found no substantial evidence to question the genuineness of a loan transaction and noted that the CIT had not conducted sufficient inquiries to justify revisional action. The HC found no substantial question of law in the case, which involved a tax dispute below Rs. 18,00,000, and ruled in favor of the assessee, dismissing the appeal. Case-Laws Income Tax Thu, 25 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448902