https://www.taxtmi.com/caselaws?id=388209 The Tribunal overturned the revisionary jurisdiction invoked by the CIT under section 263, ruling in favor of the assessee. It found the Assessing Officer's decision to reject the book results and tax commission income reasonable, considering the company's real income. The Tribunal emphasized the significance of a comprehensive assessment process and highlighted the CIT's failure to adequately consider the company's past records and behavior before revising the assessment order. Ultimately, the Tribunal concluded that the AO's decision was not erroneous or prejudicial to revenue interests, allowing the assessee's appeal. en-us Fri, 04 Oct 2019 00:00:00 +0530 Sun, 10 Nov 2019 19:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=388209 The Tribunal overturned the revisionary jurisdiction invoked by the CIT under section 263, ruling in favor of the assessee. It found the Assessing Officer's decision to reject the book results and tax commission income reasonable, considering the company's real income. The Tribunal emphasized the significance of a comprehensive assessment process and highlighted the CIT's failure to adequately consider the company's past records and behavior before revising the assessment order. Ultimately, the Tribunal concluded that the AO's decision was not erroneous or prejudicial to revenue interests, allowing the assessee's appeal. Case-Laws Income Tax Fri, 04 Oct 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=388209