https://www.taxtmi.com/caselaws?id=176319 The Tribunal upheld the Commissioner of Income Tax's order invoking Section 263, finding the Assessing Officer's failure to adequately verify purchases and apply the Gross Profit rate on alleged bogus purchases. The Tribunal emphasized the need for a thorough investigation as the expenses directly impacted the assessee's profits. The appeal was dismissed, and the matter was remanded for a fresh assessment with proper opportunity for the assessee to present their case, affirming the justification for invoking Section 263 and setting aside the Assessing Officer's order. en-us Fri, 19 Jun 2015 00:00:00 +0530 Sat, 19 Dec 2015 09:34:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=176319 The Tribunal upheld the Commissioner of Income Tax's order invoking Section 263, finding the Assessing Officer's failure to adequately verify purchases and apply the Gross Profit rate on alleged bogus purchases. The Tribunal emphasized the need for a thorough investigation as the expenses directly impacted the assessee's profits. The appeal was dismissed, and the matter was remanded for a fresh assessment with proper opportunity for the assessee to present their case, affirming the justification for invoking Section 263 and setting aside the Assessing Officer's order. Case-Laws Income Tax Fri, 19 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=176319