Inadequate scrutiny of loans, funds transfers, interest income & share sale profits led to erroneous assessment favoring assessee.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....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.....