https://www.taxtmi.com/caselaws?id=205631 The Tribunal ruled in favor of the assessee, reinstating the original order of the Assessing Officer and rejecting the CIT's order under section 263 for the assessment year 2005-06. The Tribunal held that the Assessing Officer's decision, which considered the GP rate and found no further disallowance under section 40A(3), aligned with legal principles. It was determined that the initiation of proceedings under section 263 was unwarranted, leading to the appeal being allowed in favor of the assessee. en-us Fri, 03 Sep 2010 00:00:00 +0530 Thu, 15 Sep 2011 11:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=205631 The Tribunal ruled in favor of the assessee, reinstating the original order of the Assessing Officer and rejecting the CIT's order under section 263 for the assessment year 2005-06. The Tribunal held that the Assessing Officer's decision, which considered the GP rate and found no further disallowance under section 40A(3), aligned with legal principles. It was determined that the initiation of proceedings under section 263 was unwarranted, leading to the appeal being allowed in favor of the assessee. Case-Laws Income Tax Fri, 03 Sep 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=205631