https://www.taxtmi.com/caselaws?id=398496 The Tribunal allowed the assessee's appeal, reinstating the regular assessment order dated 24.03.2016. The Principal Commissioner's revision under section 263 of the Income Tax Act, 1961 was deemed unsustainable as the Tribunal found the assessment involved inflated purchases rather than outright bogus ones, leading to the restoration of the original assessment. The Assessing Officer was directed to conduct proper enquiries and verifications regarding purchases, maintaining the additions made in the initial assessment. en-us Thu, 10 Sep 2020 00:00:00 +0530 Thu, 17 Sep 2020 12:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=398496 The Tribunal allowed the assessee's appeal, reinstating the regular assessment order dated 24.03.2016. The Principal Commissioner's revision under section 263 of the Income Tax Act, 1961 was deemed unsustainable as the Tribunal found the assessment involved inflated purchases rather than outright bogus ones, leading to the restoration of the original assessment. The Assessing Officer was directed to conduct proper enquiries and verifications regarding purchases, maintaining the additions made in the initial assessment. Case-Laws Income Tax Thu, 10 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=398496