https://www.taxtmi.com/caselaws?id=197740 The Tribunal allowed the assessee's appeal, ruling in favor of the assessee on both issues. The Commissioner of Income-tax's revisionary order under section 263 was deemed unjustified. The Tribunal upheld the Assessing Officer's estimation of net profit at 8% for the construction business and the classification of interest income as 'business income', emphasizing that the AO's decisions were plausible views based on the circumstances and that the CIT cannot substitute his opinion for that of the AO when a plausible view has been taken. en-us Thu, 06 Mar 2014 00:00:00 +0530 Mon, 15 Jan 2018 07:39:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=197740 The Tribunal allowed the assessee's appeal, ruling in favor of the assessee on both issues. The Commissioner of Income-tax's revisionary order under section 263 was deemed unjustified. The Tribunal upheld the Assessing Officer's estimation of net profit at 8% for the construction business and the classification of interest income as 'business income', emphasizing that the AO's decisions were plausible views based on the circumstances and that the CIT cannot substitute his opinion for that of the AO when a plausible view has been taken. Case-Laws Income Tax Thu, 06 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=197740