https://www.taxtmi.com/caselaws?id=395705 The High Court set aside the revisional order under section 263 of the Income Tax Act, reinstating the Assessing Officer's order, as the Principal Commissioner was influenced by an audit report without proper examination. Regarding deductions on interest and depreciation, the Court found the assessment order arbitrary and lacking justification, remitting the matter for fresh assessments due to discrepancies and lack of evidence. The Court emphasized the importance of following proper assessment procedures and providing valid reasoning for income estimation and deductions in compliance with the law. en-us Tue, 10 Mar 2020 00:00:00 +0530 Wed, 07 Oct 2020 15:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=395705 The High Court set aside the revisional order under section 263 of the Income Tax Act, reinstating the Assessing Officer's order, as the Principal Commissioner was influenced by an audit report without proper examination. Regarding deductions on interest and depreciation, the Court found the assessment order arbitrary and lacking justification, remitting the matter for fresh assessments due to discrepancies and lack of evidence. The Court emphasized the importance of following proper assessment procedures and providing valid reasoning for income estimation and deductions in compliance with the law. Case-Laws Income Tax Tue, 10 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=395705