https://www.taxtmi.com/caselaws?id=290279 The Tribunal found the assessment order erroneous and prejudicial to revenue due to inflated purchases. The Principal Commissioner erred in assuming revision jurisdiction without proper verification, leading to an incorrect ad hoc disallowance of purchases. The Tribunal emphasized the need for thorough enquiry and proper application of legal principles in determining the nature of purchases. Ultimately, the appeal was allowed in favor of the assessee on 22/01/2020, highlighting the importance of adhering to legal precedents and ensuring accurate assessments. en-us Wed, 22 Jan 2020 00:00:00 +0530 Thu, 17 Sep 2020 10:19:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290279 The Tribunal found the assessment order erroneous and prejudicial to revenue due to inflated purchases. The Principal Commissioner erred in assuming revision jurisdiction without proper verification, leading to an incorrect ad hoc disallowance of purchases. The Tribunal emphasized the need for thorough enquiry and proper application of legal principles in determining the nature of purchases. Ultimately, the appeal was allowed in favor of the assessee on 22/01/2020, highlighting the importance of adhering to legal precedents and ensuring accurate assessments. Case-Laws Income Tax Wed, 22 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290279