https://www.taxtmi.com/caselaws?id=391114 The Tribunal overturned the Principal Commissioner's order under section 263 of the Income Tax Act for the assessment year 2009-10. The Tribunal found that the Assessing Officer had conducted proper inquiries into the disputed purchases, including obtaining documentary evidence and confirmation from the selling party. Despite this, the Assessing Officer estimated the profit on alleged non-genuine purchases at 7%. The Tribunal held that the Principal Commissioner's decision lacked a factual basis as the Assessing Officer had applied his mind and conducted necessary inquiries. Consequently, the Tribunal quashed the order under section 263 and restored the original assessment order in favor of the Assessee. en-us Fri, 17 Jan 2020 00:00:00 +0530 Mon, 20 Jan 2020 09:23:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=391114 The Tribunal overturned the Principal Commissioner's order under section 263 of the Income Tax Act for the assessment year 2009-10. The Tribunal found that the Assessing Officer had conducted proper inquiries into the disputed purchases, including obtaining documentary evidence and confirmation from the selling party. Despite this, the Assessing Officer estimated the profit on alleged non-genuine purchases at 7%. The Tribunal held that the Principal Commissioner's decision lacked a factual basis as the Assessing Officer had applied his mind and conducted necessary inquiries. Consequently, the Tribunal quashed the order under section 263 and restored the original assessment order in favor of the Assessee. Case-Laws Income Tax Fri, 17 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=391114