https://www.taxtmi.com/caselaws?id=284991 The Tribunal overturned the order of the Principal Commissioner of Income Tax invoking revisionary powers under section 263 of the Income Tax Act. It found that the initial assessment by the Assessing Officer was conducted appropriately, with thorough scrutiny of unsecured loans and sales/purchase details. The Tribunal concluded that the discrepancies highlighted were part of the standard accounting method followed by the assessee and that the revisionary order lacked specific errors in the original assessment. As a result, the Tribunal quashed the Commissioner's order and ruled in favor of the assessee, emphasizing the importance of proper investigation before invoking revisionary powers. en-us Wed, 25 Sep 2019 00:00:00 +0530 Fri, 20 Dec 2019 12:18:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=284991 The Tribunal overturned the order of the Principal Commissioner of Income Tax invoking revisionary powers under section 263 of the Income Tax Act. It found that the initial assessment by the Assessing Officer was conducted appropriately, with thorough scrutiny of unsecured loans and sales/purchase details. The Tribunal concluded that the discrepancies highlighted were part of the standard accounting method followed by the assessee and that the revisionary order lacked specific errors in the original assessment. As a result, the Tribunal quashed the Commissioner's order and ruled in favor of the assessee, emphasizing the importance of proper investigation before invoking revisionary powers. Case-Laws Income Tax Wed, 25 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=284991