https://www.taxtmi.com/caselaws?id=258129 The High Court dismissed the appeal against the ITAT's decision, upholding the respondent's position in a case concerning the assessment year 2008-09. The ITAT's detailed analysis found the CIT's order under Section 263 of the Income Tax Act erroneous, citing reasons such as a fall in gross profit rate and loan utilization concerns. However, the ITAT concluded that the assessment order was not sustainable, considering explanations provided by the respondent on various issues. The High Court ruled that no legal question arose from the ITAT's decision, affirming the factual basis and evidence evaluation supporting the respondent's position. en-us Tue, 10 Mar 2015 00:00:00 +0530 Wed, 01 Apr 2015 05:51:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=258129 The High Court dismissed the appeal against the ITAT's decision, upholding the respondent's position in a case concerning the assessment year 2008-09. The ITAT's detailed analysis found the CIT's order under Section 263 of the Income Tax Act erroneous, citing reasons such as a fall in gross profit rate and loan utilization concerns. However, the ITAT concluded that the assessment order was not sustainable, considering explanations provided by the respondent on various issues. The High Court ruled that no legal question arose from the ITAT's decision, affirming the factual basis and evidence evaluation supporting the respondent's position. Case-Laws Income Tax Tue, 10 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=258129