https://www.taxtmi.com/caselaws?id=183137 The High Court upheld the ITAT's decision to set aside the CIT's order under Section 263 of the Income Tax Act. The court found that the Assessing Officer had appropriately considered the work-in-progress valuation, and the CIT's proposed computation would lead to an unrealistic profit margin. The High Court dismissed the revenue's appeals, ruling in favor of the assessee and concluding that the CIT's invocation of Section 263 was unwarranted as the AO's order was not erroneous or prejudicial to revenue, rendering the assessment under Section 143(3) read with Section 263 ineffective. en-us Thu, 21 Jan 2016 00:00:00 +0530 Thu, 17 Nov 2016 17:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=183137 The High Court upheld the ITAT's decision to set aside the CIT's order under Section 263 of the Income Tax Act. The court found that the Assessing Officer had appropriately considered the work-in-progress valuation, and the CIT's proposed computation would lead to an unrealistic profit margin. The High Court dismissed the revenue's appeals, ruling in favor of the assessee and concluding that the CIT's invocation of Section 263 was unwarranted as the AO's order was not erroneous or prejudicial to revenue, rendering the assessment under Section 143(3) read with Section 263 ineffective. Case-Laws Income Tax Thu, 21 Jan 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=183137