https://www.taxtmi.com/caselaws?id=399374 The tribunal upheld the revision order passed by the ld CIT under section 263 of the Income-tax Act, dismissing the appeal of the assessee. The tribunal found that the assessment order by the AO lacked discussion on the taxability of the surplus declared by the assessee, deeming it erroneous and prejudicial to the Revenue's interest. The tribunal referenced the decision in the case of Malabar Industrial Company (243 ITR 83)(SC) to support its conclusion. en-us Wed, 04 Mar 2020 00:00:00 +0530 Thu, 08 Oct 2020 09:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399374 The tribunal upheld the revision order passed by the ld CIT under section 263 of the Income-tax Act, dismissing the appeal of the assessee. The tribunal found that the assessment order by the AO lacked discussion on the taxability of the surplus declared by the assessee, deeming it erroneous and prejudicial to the Revenue's interest. The tribunal referenced the decision in the case of Malabar Industrial Company (243 ITR 83)(SC) to support its conclusion. Case-Laws Income Tax Wed, 04 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399374