https://www.taxtmi.com/caselaws?id=56236 The Tribunal concluded that the CIT improperly invoked Section 263 of the Income-tax Act, 1961, as the original assessment orders were neither erroneous nor prejudicial to the interest of revenue. The Assessing Officer had conducted thorough investigations and found no evidence of undisclosed income. Consequently, the Tribunal allowed the assessee's appeals, quashing the CIT's orders under Section 263 for both assessment years. The Tribunal emphasized that statements recorded under Section 133A lack evidentiary value, and the CIT erred in using the retracted statement as evidence. The original assessments were upheld, confirming the Assessing Officer's findings. en-us Tue, 23 Aug 2005 00:00:00 +0530 Sat, 27 Apr 2024 11:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56236 The Tribunal concluded that the CIT improperly invoked Section 263 of the Income-tax Act, 1961, as the original assessment orders were neither erroneous nor prejudicial to the interest of revenue. The Assessing Officer had conducted thorough investigations and found no evidence of undisclosed income. Consequently, the Tribunal allowed the assessee's appeals, quashing the CIT's orders under Section 263 for both assessment years. The Tribunal emphasized that statements recorded under Section 133A lack evidentiary value, and the CIT erred in using the retracted statement as evidence. The original assessments were upheld, confirming the Assessing Officer's findings. Case-Laws Income Tax Tue, 23 Aug 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56236