https://www.taxtmi.com/caselaws?id=287522 The Tribunal set aside the order under section 263, quashed the CIT's directive, and restored the original assessment order. The addition of Rs. 1,48,74,860/- was deleted, and the appeal of the assessee was allowed. The Tribunal concluded that the AO had applied his mind and conducted a proper inquiry, and the mere fall in GP/NP rates did not warrant an addition or revision under section 263. en-us Tue, 08 Mar 2016 00:00:00 +0530 Fri, 17 Apr 2020 11:58:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=287522 The Tribunal set aside the order under section 263, quashed the CIT's directive, and restored the original assessment order. The addition of Rs. 1,48,74,860/- was deleted, and the appeal of the assessee was allowed. The Tribunal concluded that the AO had applied his mind and conducted a proper inquiry, and the mere fall in GP/NP rates did not warrant an addition or revision under section 263. Case-Laws Income Tax Tue, 08 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=287522