https://www.taxtmi.com/caselaws?id=351198 The Tribunal overturned the Principal Commissioner of Income Tax's decision to initiate proceedings under section 263, ruling that the Assessing Officer had appropriately conducted inquiries and accepted the assessee's explanations regarding verification of sundry debtors and creditors, examination of low net profit rate, and verification of cash deposits. The Tribunal held that the original assessment order was not erroneous or prejudicial to revenue, quashing the section 263 order and reinstating the AO's assessment. The appeal by the assessee was successful, with the Tribunal issuing the judgment on 16/11/2017. en-us Thu, 16 Nov 2017 00:00:00 +0530 Tue, 21 Nov 2017 09:12:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=351198 The Tribunal overturned the Principal Commissioner of Income Tax's decision to initiate proceedings under section 263, ruling that the Assessing Officer had appropriately conducted inquiries and accepted the assessee's explanations regarding verification of sundry debtors and creditors, examination of low net profit rate, and verification of cash deposits. The Tribunal held that the original assessment order was not erroneous or prejudicial to revenue, quashing the section 263 order and reinstating the AO's assessment. The appeal by the assessee was successful, with the Tribunal issuing the judgment on 16/11/2017. Case-Laws Income Tax Thu, 16 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=351198