https://www.taxtmi.com/caselaws?id=204381 The High Court analyzed the interpretation of section 263 of the Income-tax Act, emphasizing the need for concrete evidence to establish a legal error in an assessment order. It upheld the Assessing Officer's decision on the gross profit rate, highlighting the importance of thorough examination of accounts. The Court deemed the section 263 order invalid as the assessment was found reasonable and not erroneous, emphasizing the requirement for both error and prejudice for revisional powers. The examination of security deposits was considered adequate, with confirmatory letters deemed sufficient evidence. The judgment favored the assessee, ruling against the revenue department. en-us Wed, 06 Jan 2010 00:00:00 +0530 Fri, 15 Jul 2011 12:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=204381 The High Court analyzed the interpretation of section 263 of the Income-tax Act, emphasizing the need for concrete evidence to establish a legal error in an assessment order. It upheld the Assessing Officer's decision on the gross profit rate, highlighting the importance of thorough examination of accounts. The Court deemed the section 263 order invalid as the assessment was found reasonable and not erroneous, emphasizing the requirement for both error and prejudice for revisional powers. The examination of security deposits was considered adequate, with confirmatory letters deemed sufficient evidence. The judgment favored the assessee, ruling against the revenue department. Case-Laws Income Tax Wed, 06 Jan 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=204381