https://www.taxtmi.com/caselaws?id=396853 The Tribunal allowed the appeal of the assessee, holding that the order passed under Section 263 of the Income Tax Act was not sustainable. The Tribunal found that the Principal Commissioner of Income Tax did not conduct proper inquiries before alleging errors in the assessment order. Additionally, the Tribunal upheld the consistency of the assessee's revenue recognition method and the adequacy of inquiries conducted by the Assessing Officer during the original assessment. The Tribunal concluded that the revenue recognition method adopted by the assessee was proper and justified, leading to the dismissal of the revisional order under Section 263. en-us Fri, 17 Jul 2020 00:00:00 +0530 Wed, 22 Jul 2020 12:01:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=396853 The Tribunal allowed the appeal of the assessee, holding that the order passed under Section 263 of the Income Tax Act was not sustainable. The Tribunal found that the Principal Commissioner of Income Tax did not conduct proper inquiries before alleging errors in the assessment order. Additionally, the Tribunal upheld the consistency of the assessee's revenue recognition method and the adequacy of inquiries conducted by the Assessing Officer during the original assessment. The Tribunal concluded that the revenue recognition method adopted by the assessee was proper and justified, leading to the dismissal of the revisional order under Section 263. Case-Laws Income Tax Fri, 17 Jul 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=396853