https://www.taxtmi.com/caselaws?id=216414 The Tribunal upheld the Commissioner of Income Tax's order under Section 263, stating that the Assessing Officer had not properly examined key aspects, justifying the invocation of Section 263. The Tribunal directed further inquiry into outstanding liabilities of HPCL and IOCL, excess bitumen purchases, and sub-contract payments. It allowed depreciation on temporary staff quarters and deleted additions for excess bitumen consumption and quality control charges. Disallowances for commission on sub-contract works, metal purchases, labor charges, and under Section 40A(3) were upheld due to the assessee's acceptance of the original assessment. The Tribunal emphasized the importance of thorough inquiries for accurate assessments. en-us Fri, 22 Jun 2012 00:00:00 +0530 Mon, 10 Sep 2012 08:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216414 The Tribunal upheld the Commissioner of Income Tax's order under Section 263, stating that the Assessing Officer had not properly examined key aspects, justifying the invocation of Section 263. The Tribunal directed further inquiry into outstanding liabilities of HPCL and IOCL, excess bitumen purchases, and sub-contract payments. It allowed depreciation on temporary staff quarters and deleted additions for excess bitumen consumption and quality control charges. Disallowances for commission on sub-contract works, metal purchases, labor charges, and under Section 40A(3) were upheld due to the assessee's acceptance of the original assessment. The Tribunal emphasized the importance of thorough inquiries for accurate assessments. Case-Laws Income Tax Fri, 22 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216414