https://www.taxtmi.com/caselaws?id=197754 The court set aside the revision orders by the Commissioner of Income Tax (CIT) challenging the initiation of revision proceedings under section 263 of the Income-tax Act for the assessment years 2006-07 and 2007-08. The assessing officer's estimation of income based on gross receipts was deemed reasonable, considering the lack of proper books of accounts. The CIT's direction to determine income from godown receipts separately was overturned, and the assessing officer's proposed enhancement of the estimate was upheld. Consequently, the appeals of the assessee were allowed. en-us Fri, 03 May 2013 00:00:00 +0530 Mon, 15 Jan 2018 11:23:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=197754 The court set aside the revision orders by the Commissioner of Income Tax (CIT) challenging the initiation of revision proceedings under section 263 of the Income-tax Act for the assessment years 2006-07 and 2007-08. The assessing officer's estimation of income based on gross receipts was deemed reasonable, considering the lack of proper books of accounts. The CIT's direction to determine income from godown receipts separately was overturned, and the assessing officer's proposed enhancement of the estimate was upheld. Consequently, the appeals of the assessee were allowed. Case-Laws Income Tax Fri, 03 May 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=197754