https://www.taxtmi.com/caselaws?id=399643 The Tribunal quashed the order passed by the Principal Commissioner of Income Tax (PCIT) under Section 263 of the Income Tax Act, holding it was not sustainable in law. The Tribunal allowed the appeal of the assessee, stating that the Assessing Officer had properly examined and verified the details of the sundry creditors and had taken one of the possible views by disallowing 20% of the expenses. The Tribunal emphasized that the PCIT could not substitute an alternative view under Section 263 and that the PCIT's order lacked findings on the error and prejudice caused to the revenue. en-us Tue, 13 Oct 2020 00:00:00 +0530 Thu, 15 Oct 2020 14:48:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399643 The Tribunal quashed the order passed by the Principal Commissioner of Income Tax (PCIT) under Section 263 of the Income Tax Act, holding it was not sustainable in law. The Tribunal allowed the appeal of the assessee, stating that the Assessing Officer had properly examined and verified the details of the sundry creditors and had taken one of the possible views by disallowing 20% of the expenses. The Tribunal emphasized that the PCIT could not substitute an alternative view under Section 263 and that the PCIT's order lacked findings on the error and prejudice caused to the revenue. Case-Laws Income Tax Tue, 13 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399643