https://www.taxtmi.com/caselaws?id=63790 The Tribunal allowed the assessee's appeal, quashing the CIT's order under Section 263. The Tribunal held that the CIT lacked jurisdiction to revise the assessment order, as the AO's view was legally sustainable. The Tribunal also disagreed with the CIT's recomputation of deduction under Section 80HHC and addition of excess stock as undisclosed income. Additionally, the Tribunal ruled against the CIT's direction to initiate penalty proceedings under Section 271(1)(c) and directed the recomputation of interest under Sections 234A, 234B, and 234C. en-us Thu, 27 Mar 2003 00:00:00 +0530 Tue, 19 Jun 2012 18:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63790 The Tribunal allowed the assessee's appeal, quashing the CIT's order under Section 263. The Tribunal held that the CIT lacked jurisdiction to revise the assessment order, as the AO's view was legally sustainable. The Tribunal also disagreed with the CIT's recomputation of deduction under Section 80HHC and addition of excess stock as undisclosed income. Additionally, the Tribunal ruled against the CIT's direction to initiate penalty proceedings under Section 271(1)(c) and directed the recomputation of interest under Sections 234A, 234B, and 234C. Case-Laws Income Tax Thu, 27 Mar 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63790