https://www.taxtmi.com/highlights?id=79925 AO failed to examine details, relied solely on assessee's submissions, resulting in erroneous assessment prejudicial to Revenue's interests. Assessee borrowed substantial loans, advanced funds, sold shares with profits, received interest income. AO neglected scrutinizing reasons for borrowings, fund utilization, interest receipts, share sale profits' nature. Invoking section 263 justified as AO's order erroneous, prejudicing Revenue's interests due to inadequate examination. en-us Wed, 31 Jul 2024 08:36:33 +0530 Wed, 31 Jul 2024 08:36:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=79925 AO failed to examine details, relied solely on assessee's submissions, resulting in erroneous assessment prejudicial to Revenue's interests. Assessee borrowed substantial loans, advanced funds, sold shares with profits, received interest income. AO neglected scrutinizing reasons for borrowings, fund utilization, interest receipts, share sale profits' nature. Invoking section 263 justified as AO's order erroneous, prejudicing Revenue's interests due to inadequate examination. Highlights Income Tax Wed, 31 Jul 2024 08:36:33 +0530 https://www.taxtmi.com/highlights?id=79925