https://www.taxtmi.com/caselaws?id=271997 The Tribunal allowed the Assessee's appeal, quashing the CIT's order under s.263. It held that the CIT did not properly exercise jurisdiction as the AO's order was not shown to be erroneous or prejudicial to revenue. The Tribunal found that the AO had considered all evidence before adding GP on unrecorded sales, and lack of detailed reasons in the assessment order did not imply lack of enquiry. Previous court decisions supported the Assessee's stance, leading to the quashing of the CIT's order under s.263. en-us Fri, 15 Jan 2016 00:00:00 +0530 Wed, 24 Feb 2016 07:43:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=271997 The Tribunal allowed the Assessee's appeal, quashing the CIT's order under s.263. It held that the CIT did not properly exercise jurisdiction as the AO's order was not shown to be erroneous or prejudicial to revenue. The Tribunal found that the AO had considered all evidence before adding GP on unrecorded sales, and lack of detailed reasons in the assessment order did not imply lack of enquiry. Previous court decisions supported the Assessee's stance, leading to the quashing of the CIT's order under s.263. Case-Laws Income Tax Fri, 15 Jan 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=271997