https://www.taxtmi.com/caselaws?id=64805 The Tribunal set aside the CIT's order to revise the assessment, finding it unjustified. It held that the AO's decisions on disallowance under Section 14A, deduction under Section 43B, valuation of closing stock, claim of bad debts, disallowance of interest on borrowed funds, and commission payments were based on proper inquiries and consistent with previous assessments. The Tribunal allowed the assessee's appeal, affirming that the AO's actions were neither erroneous nor prejudicial to the Revenue, and the CIT lacked jurisdiction to direct further inquiries on settled matters. en-us Wed, 20 Apr 2005 00:00:00 +0530 Sat, 18 May 2024 12:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64805 The Tribunal set aside the CIT's order to revise the assessment, finding it unjustified. It held that the AO's decisions on disallowance under Section 14A, deduction under Section 43B, valuation of closing stock, claim of bad debts, disallowance of interest on borrowed funds, and commission payments were based on proper inquiries and consistent with previous assessments. The Tribunal allowed the assessee's appeal, affirming that the AO's actions were neither erroneous nor prejudicial to the Revenue, and the CIT lacked jurisdiction to direct further inquiries on settled matters. Case-Laws Income Tax Wed, 20 Apr 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64805