https://www.taxtmi.com/caselaws?id=181456 The tribunal set aside the CIT's order under section 263, determining that the AO had conducted a thorough assessment with adequate inquiry and verification. The tribunal found that the AO's original assessment, including an addition of Rs. 5.60 lakhs, was reasonable and justified. It concluded that the CIT's disagreement with the AO's approach did not render the assessment erroneous or prejudicial to the interest of revenue. The tribunal held that the CIT's directive to apply an 8% net profit rate was unwarranted, as the AO had already made a proper assessment. The assessee's appeal was allowed, and the AO's original order was upheld. en-us Fri, 29 Aug 2008 00:00:00 +0530 Thu, 23 Nov 2023 14:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181456 The tribunal set aside the CIT's order under section 263, determining that the AO had conducted a thorough assessment with adequate inquiry and verification. The tribunal found that the AO's original assessment, including an addition of Rs. 5.60 lakhs, was reasonable and justified. It concluded that the CIT's disagreement with the AO's approach did not render the assessment erroneous or prejudicial to the interest of revenue. The tribunal held that the CIT's directive to apply an 8% net profit rate was unwarranted, as the AO had already made a proper assessment. The assessee's appeal was allowed, and the AO's original order was upheld. Case-Laws Income Tax Fri, 29 Aug 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181456