https://www.taxtmi.com/caselaws?id=371799 The Tribunal held that the assessment order under Section 143(3) was neither erroneous nor prejudicial to the interest of the Revenue. It found that the Assessing Officer had conducted detailed inquiries regarding the stock valuation and accepted the reconciliation provided by the assessee. The Tribunal concluded that the Principal Commissioner of Income Tax had wrongly assumed jurisdiction under Section 263 without establishing that the Assessing Officer's order was unsustainable in law. As a result, the Tribunal set aside the order under Section 263 and restored the Assessing Officer's order under Section 143(3), allowing the appeal of the assessee. en-us Thu, 29 Nov 2018 00:00:00 +0530 Tue, 11 Dec 2018 06:32:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=371799 The Tribunal held that the assessment order under Section 143(3) was neither erroneous nor prejudicial to the interest of the Revenue. It found that the Assessing Officer had conducted detailed inquiries regarding the stock valuation and accepted the reconciliation provided by the assessee. The Tribunal concluded that the Principal Commissioner of Income Tax had wrongly assumed jurisdiction under Section 263 without establishing that the Assessing Officer's order was unsustainable in law. As a result, the Tribunal set aside the order under Section 263 and restored the Assessing Officer's order under Section 143(3), allowing the appeal of the assessee. Case-Laws Income Tax Thu, 29 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=371799