https://www.taxtmi.com/caselaws?id=169134 The Appellate Tribunal ITAT Patna allowed the assessee's appeal, canceling the Commissioner's order under section 263. The Tribunal held that the Assessing Officer's estimation of profit based on gross turnover was not erroneous, and the deductions for interest and remuneration were valid under section 40(b) of the Act. The lack of proper inquiry did not prejudice Revenue interests, and the cancellation of the assessment was deemed unjustified. The decision was in favor of the assessee, with the judgment pronounced on July 4, 2014. en-us Fri, 04 Jul 2014 00:00:00 +0530 Mon, 06 Apr 2015 21:55:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=169134 The Appellate Tribunal ITAT Patna allowed the assessee's appeal, canceling the Commissioner's order under section 263. The Tribunal held that the Assessing Officer's estimation of profit based on gross turnover was not erroneous, and the deductions for interest and remuneration were valid under section 40(b) of the Act. The lack of proper inquiry did not prejudice Revenue interests, and the cancellation of the assessment was deemed unjustified. The decision was in favor of the assessee, with the judgment pronounced on July 4, 2014. Case-Laws Income Tax Fri, 04 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=169134