https://www.taxtmi.com/caselaws?id=352731 The Tribunal held that the Assessing Officer's orders for the assessment years 2010-11 and 2011-12 were not erroneous or prejudicial to the revenue. The AO's decision to add only the profit element of the bogus purchases was deemed legally sustainable. Consequently, the Tribunal quashed the CIT's orders under Section 263 and allowed the assessee's appeals, upholding the AO's assessment orders. en-us Wed, 13 Dec 2017 00:00:00 +0530 Tue, 19 Dec 2017 10:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=352731 The Tribunal held that the Assessing Officer's orders for the assessment years 2010-11 and 2011-12 were not erroneous or prejudicial to the revenue. The AO's decision to add only the profit element of the bogus purchases was deemed legally sustainable. Consequently, the Tribunal quashed the CIT's orders under Section 263 and allowed the assessee's appeals, upholding the AO's assessment orders. Case-Laws Income Tax Wed, 13 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=352731