https://www.taxtmi.com/caselaws?id=122828 The Tribunal allowed the appeal, quashing the order passed under Section 263 of the Income-tax Act by the CIT-I. It held that the AO's decision was not erroneous, as the method of accounting employed by the assessee was consistent and accepted in previous years. The Tribunal found no need for further inquiries into work-in-progress, G.P. rate, stock records, or the static credit entries. Sections 68 and 41(1) were deemed inapplicable to the credits in question. en-us Fri, 29 May 2009 00:00:00 +0530 Sat, 18 Aug 2012 11:14:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=122828 The Tribunal allowed the appeal, quashing the order passed under Section 263 of the Income-tax Act by the CIT-I. It held that the AO's decision was not erroneous, as the method of accounting employed by the assessee was consistent and accepted in previous years. The Tribunal found no need for further inquiries into work-in-progress, G.P. rate, stock records, or the static credit entries. Sections 68 and 41(1) were deemed inapplicable to the credits in question. Case-Laws Income Tax Fri, 29 May 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=122828