https://www.taxtmi.com/caselaws?id=358282 The Tribunal held that the Assessing Officer's assessment order under Section 143(3) of the Income Tax Act was not erroneous or prejudicial to the revenue. Consequently, the Principal Commissioner's order invoking Section 263 to revise the assessment was quashed, and the assessee's appeal was allowed. The Tribunal found that the AO had appropriately examined various aspects, including remuneration to working partners, income declaration from specific sources, late fee charges, contract agreements, capital contributions, freight payments, TDS liability, and unsecured loans, determining that the AO's decisions were correct and not erroneous. en-us Wed, 04 Apr 2018 00:00:00 +0530 Mon, 09 Apr 2018 07:46:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=358282 The Tribunal held that the Assessing Officer's assessment order under Section 143(3) of the Income Tax Act was not erroneous or prejudicial to the revenue. Consequently, the Principal Commissioner's order invoking Section 263 to revise the assessment was quashed, and the assessee's appeal was allowed. The Tribunal found that the AO had appropriately examined various aspects, including remuneration to working partners, income declaration from specific sources, late fee charges, contract agreements, capital contributions, freight payments, TDS liability, and unsecured loans, determining that the AO's decisions were correct and not erroneous. Case-Laws Income Tax Wed, 04 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=358282