https://www.taxtmi.com/caselaws?id=389635 The Tribunal allowed the appeal, quashing the order passed under section 263 of the Income Tax Act for the assessment year 2015-16. The Principal Commissioner of Income Tax set aside the assessment order due to discrepancies in the Profit & Loss Account, but the Tribunal found that the Assessing Officer had properly examined and verified the expenses claimed by the assessee. The Tribunal concluded that the PCIT's exercise of power under section 263 lacked valid grounds and appeared to be a fishing enquiry. Consequently, the original assessment order was upheld, and the PCIT's order was overturned. en-us Fri, 06 Dec 2019 00:00:00 +0530 Fri, 13 Dec 2019 09:52:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=389635 The Tribunal allowed the appeal, quashing the order passed under section 263 of the Income Tax Act for the assessment year 2015-16. The Principal Commissioner of Income Tax set aside the assessment order due to discrepancies in the Profit & Loss Account, but the Tribunal found that the Assessing Officer had properly examined and verified the expenses claimed by the assessee. The Tribunal concluded that the PCIT's exercise of power under section 263 lacked valid grounds and appeared to be a fishing enquiry. Consequently, the original assessment order was upheld, and the PCIT's order was overturned. Case-Laws Income Tax Fri, 06 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=389635