https://www.taxtmi.com/caselaws?id=395073 The Tribunal overturned the Principal Commissioner of Income Tax's revision order under section 263, which set aside the assessment for alleged Hawala purchases by a partnership firm. The Tribunal found the Assessing Officer's decision to add 5% of purchases as income was justified, as the transactions were verified and recorded. The lack of specific reasons and failure to consider the impact on disclosed sales led the Tribunal to conclude that the revision lacked justification. The original assessment for the year 2010-11 was upheld, emphasizing that differing opinions do not warrant revision under section 263. en-us Thu, 20 Feb 2020 00:00:00 +0530 Tue, 05 May 2020 08:20:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=395073 The Tribunal overturned the Principal Commissioner of Income Tax's revision order under section 263, which set aside the assessment for alleged Hawala purchases by a partnership firm. The Tribunal found the Assessing Officer's decision to add 5% of purchases as income was justified, as the transactions were verified and recorded. The lack of specific reasons and failure to consider the impact on disclosed sales led the Tribunal to conclude that the revision lacked justification. The original assessment for the year 2010-11 was upheld, emphasizing that differing opinions do not warrant revision under section 263. Case-Laws Income Tax Thu, 20 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=395073