https://www.taxtmi.com/caselaws?id=250764 The Tribunal upheld the Commissioner's decision to invoke revisional jurisdiction under Section 263 of the Income Tax Act, 1961, finding the assessment order erroneous and prejudicial to Revenue. The Tribunal agreed with the Commissioner's assessment that the low net profit rate, inadequate inquiry by the Assessing Officer, rejection of books of account under Section 145(3), and failure to examine unsecured loans warranted the revision. The assessee's appeal was dismissed, affirming the Commissioner's order. en-us Thu, 14 Aug 2014 00:00:00 +0530 Mon, 25 Aug 2014 08:46:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=250764 The Tribunal upheld the Commissioner's decision to invoke revisional jurisdiction under Section 263 of the Income Tax Act, 1961, finding the assessment order erroneous and prejudicial to Revenue. The Tribunal agreed with the Commissioner's assessment that the low net profit rate, inadequate inquiry by the Assessing Officer, rejection of books of account under Section 145(3), and failure to examine unsecured loans warranted the revision. The assessee's appeal was dismissed, affirming the Commissioner's order. Case-Laws Income Tax Thu, 14 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=250764