https://www.taxtmi.com/caselaws?id=329231 The Tribunal held that the Commissioner of Income Tax (CIT) did not have jurisdiction to invoke Section 263 of the Income Tax Act as the assessment order was not found to be both erroneous and prejudicial to the interest of the Revenue. The rejection of books of accounts under Section 145(3) and the estimation of net profit rate were deemed unjustified. The Tribunal set aside the CIT's decision to add an amount to the income of the assessee and concluded that the CIT's findings on the applicability of TDS provisions on rent payments were erroneous. The appeal of the assessee was allowed, and the CIT's order was overturned. en-us Wed, 22 Jun 2016 00:00:00 +0530 Sat, 25 Jun 2016 11:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=329231 The Tribunal held that the Commissioner of Income Tax (CIT) did not have jurisdiction to invoke Section 263 of the Income Tax Act as the assessment order was not found to be both erroneous and prejudicial to the interest of the Revenue. The rejection of books of accounts under Section 145(3) and the estimation of net profit rate were deemed unjustified. The Tribunal set aside the CIT's decision to add an amount to the income of the assessee and concluded that the CIT's findings on the applicability of TDS provisions on rent payments were erroneous. The appeal of the assessee was allowed, and the CIT's order was overturned. Case-Laws Income Tax Wed, 22 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=329231