https://www.taxtmi.com/caselaws?id=261597 The Tribunal set aside the Commissioner of Income-tax's order and restored the assessment order by the Assessing Officer, ruling that the Commissioner's revision under Section 263 lacked justification. The Tribunal held that Section 50C did not apply to business transactions, rejecting the CIT's valuation of shops at circle rate. Additionally, the Tribunal found the CIT's estimations of profit on shop sales, income from advances, and income from indirect sources unsubstantiated. The Tribunal emphasized the necessity for the CIT to provide concrete evidence of errors or prejudices in the original assessment order. Ultimately, the assessee's appeal was allowed. en-us Fri, 10 Jul 2015 00:00:00 +0530 Fri, 17 Jul 2015 10:08:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=261597 The Tribunal set aside the Commissioner of Income-tax's order and restored the assessment order by the Assessing Officer, ruling that the Commissioner's revision under Section 263 lacked justification. The Tribunal held that Section 50C did not apply to business transactions, rejecting the CIT's valuation of shops at circle rate. Additionally, the Tribunal found the CIT's estimations of profit on shop sales, income from advances, and income from indirect sources unsubstantiated. The Tribunal emphasized the necessity for the CIT to provide concrete evidence of errors or prejudices in the original assessment order. Ultimately, the assessee's appeal was allowed. Case-Laws Income Tax Fri, 10 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=261597