https://www.taxtmi.com/caselaws?id=258944 The tribunal ruled in favor of the assessee, holding that the Commissioner of Income Tax's decision to invoke section 263 was unjustified. The tribunal emphasized that since the Assessing Officer had already rejected the books of account and estimated the income, there was no need for further scrutiny by the CIT. As the CIT failed to provide substantial evidence proving the AO's order was erroneous and prejudicial to revenue interests, the tribunal quashed the CIT's order and reinstated the AO's assessment, thereby allowing the assessee's appeal. en-us Fri, 10 Oct 2014 00:00:00 +0530 Fri, 24 Apr 2015 18:18:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=258944 The tribunal ruled in favor of the assessee, holding that the Commissioner of Income Tax's decision to invoke section 263 was unjustified. The tribunal emphasized that since the Assessing Officer had already rejected the books of account and estimated the income, there was no need for further scrutiny by the CIT. As the CIT failed to provide substantial evidence proving the AO's order was erroneous and prejudicial to revenue interests, the tribunal quashed the CIT's order and reinstated the AO's assessment, thereby allowing the assessee's appeal. Case-Laws Income Tax Fri, 10 Oct 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=258944