https://www.taxtmi.com/caselaws?id=268050 The Tribunal set aside the CIT's order, ruling that the assessment order was not erroneous or prejudicial to Revenue. The Tribunal found that the Assessing Officer had properly examined the issues, making the CIT's order under section 263 unwarranted. The additions on account of understated closing stock, disallowed interest, depreciation on the mixing plant, and deductions for interest and salary to partners were deemed unjustified. The Tribunal emphasized that the CIT had overstepped its authority by virtually reassessing the case, leading to the appeal being allowed and the original assessment order upheld. en-us Tue, 03 Nov 2015 00:00:00 +0530 Thu, 19 Nov 2015 06:39:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=268050 The Tribunal set aside the CIT's order, ruling that the assessment order was not erroneous or prejudicial to Revenue. The Tribunal found that the Assessing Officer had properly examined the issues, making the CIT's order under section 263 unwarranted. The additions on account of understated closing stock, disallowed interest, depreciation on the mixing plant, and deductions for interest and salary to partners were deemed unjustified. The Tribunal emphasized that the CIT had overstepped its authority by virtually reassessing the case, leading to the appeal being allowed and the original assessment order upheld. Case-Laws Income Tax Tue, 03 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=268050