https://www.taxtmi.com/caselaws?id=209416 The ITAT quashed the CIT's order, canceled the direction to enhance the income by making a further disallowance of Rs. 7,27,756 out of labour charges, and allowed the appeal filed by the assessee. The ITAT held that the CIT's intervention under Section 263 to re-examine accounts and determine income at a higher figure was not justified, as the AO had already exercised quasi-judicial powers in accordance with the law during the assessment under Section 143(3). The ITAT also found the CIT's decision to initiate penalty proceedings under Section 271(1)(c) unwarranted in this case. en-us Wed, 13 Oct 2010 00:00:00 +0530 Sat, 20 Jul 2013 10:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=209416 The ITAT quashed the CIT's order, canceled the direction to enhance the income by making a further disallowance of Rs. 7,27,756 out of labour charges, and allowed the appeal filed by the assessee. The ITAT held that the CIT's intervention under Section 263 to re-examine accounts and determine income at a higher figure was not justified, as the AO had already exercised quasi-judicial powers in accordance with the law during the assessment under Section 143(3). The ITAT also found the CIT's decision to initiate penalty proceedings under Section 271(1)(c) unwarranted in this case. Case-Laws Income Tax Wed, 13 Oct 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=209416