https://www.taxtmi.com/caselaws?id=391238 The ITAT upheld the validity of assessment orders under section 263 of the Income-tax Act for the assessment years 2010-11 and 2011-12, rejecting the Principal Commissioner's view that the orders were erroneous due to non-genuine purchases. The ITAT deemed the Assessing Officer's estimation of profit margin on such purchases as reasonable, relying on legal precedents. It concluded that the revision under section 263 was unwarranted, allowing the assessee's appeal and affirming the assessment orders' validity. en-us Fri, 25 Oct 2019 00:00:00 +0530 Thu, 23 Jan 2020 08:40:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=391238 The ITAT upheld the validity of assessment orders under section 263 of the Income-tax Act for the assessment years 2010-11 and 2011-12, rejecting the Principal Commissioner's view that the orders were erroneous due to non-genuine purchases. The ITAT deemed the Assessing Officer's estimation of profit margin on such purchases as reasonable, relying on legal precedents. It concluded that the revision under section 263 was unwarranted, allowing the assessee's appeal and affirming the assessment orders' validity. Case-Laws Income Tax Fri, 25 Oct 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=391238