https://www.taxtmi.com/caselaws?id=68639 The ITAT quashed the CIT's revisionary order under Section 263, determining that the assessment order was neither erroneous nor prejudicial to the interests of the Revenue. The AO had duly verified all aspects, including purchases, sales, interest transactions, cash credits, and commission income, applying his mind appropriately. The CIT's grounds for revision were found to lack merit, as the AO's conclusions were based on proper examination and multiple views were possible. The Tribunal held that the CIT's invocation of Section 263 was unwarranted, thereby invalidating the revisionary order. en-us Mon, 13 Mar 2006 00:00:00 +0530 Fri, 15 Mar 2024 14:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68639 The ITAT quashed the CIT's revisionary order under Section 263, determining that the assessment order was neither erroneous nor prejudicial to the interests of the Revenue. The AO had duly verified all aspects, including purchases, sales, interest transactions, cash credits, and commission income, applying his mind appropriately. The CIT's grounds for revision were found to lack merit, as the AO's conclusions were based on proper examination and multiple views were possible. The Tribunal held that the CIT's invocation of Section 263 was unwarranted, thereby invalidating the revisionary order. Case-Laws Income Tax Mon, 13 Mar 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68639