https://www.taxtmi.com/caselaws?id=398697 The ITAT held that the assessment order was neither erroneous nor prejudicial to the revenue's interest for invoking Section 263 of the Income Tax Act. The assessee duly declared and paid taxes on the surrendered coaching fee revenue. Detailed explanations and evidence provided for alleged abnormal increases in expenses were found satisfactory. The AO had verified expenses, depreciation claims, cash in hand post-survey, outstanding liabilities, construction expenses, and trial balance reconciliation. The ITAT set aside the Pr. CIT's order under Section 263, emphasizing the AO's proper exercise of quasi-judicial power. en-us Thu, 03 Sep 2020 00:00:00 +0530 Tue, 22 Sep 2020 09:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=398697 The ITAT held that the assessment order was neither erroneous nor prejudicial to the revenue's interest for invoking Section 263 of the Income Tax Act. The assessee duly declared and paid taxes on the surrendered coaching fee revenue. Detailed explanations and evidence provided for alleged abnormal increases in expenses were found satisfactory. The AO had verified expenses, depreciation claims, cash in hand post-survey, outstanding liabilities, construction expenses, and trial balance reconciliation. The ITAT set aside the Pr. CIT's order under Section 263, emphasizing the AO's proper exercise of quasi-judicial power. Case-Laws Income Tax Thu, 03 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=398697