https://www.taxtmi.com/caselaws?id=71810 The Tribunal held that the Commissioner of Income Tax's revisional orders were incorrect as the Income Tax Officer's assessments were not deemed erroneous or prejudicial to Revenue. The Tribunal emphasized the discretionary nature of Section 68 of the Income Tax Act, noting that the ITO had adequately investigated the cash credits' genuineness. Consequently, the Tribunal allowed the appeals, restoring the ITO's original assessments. en-us Tue, 07 Mar 1989 00:00:00 +0530 Wed, 27 Apr 2011 11:54:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71810 The Tribunal held that the Commissioner of Income Tax's revisional orders were incorrect as the Income Tax Officer's assessments were not deemed erroneous or prejudicial to Revenue. The Tribunal emphasized the discretionary nature of Section 68 of the Income Tax Act, noting that the ITO had adequately investigated the cash credits' genuineness. Consequently, the Tribunal allowed the appeals, restoring the ITO's original assessments. Case-Laws Income Tax Tue, 07 Mar 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71810