https://www.taxtmi.com/caselaws?id=293188 The Appellate Tribunal ITAT Mumbai ruled in favor of the Assessee in a case challenging an order passed under section 263 of the Income-tax Act, 1961. The Tribunal emphasized that the Assessing Officer had conducted proper inquiries and applied a specific method in dealing with alleged bogus purchases, rejecting the CIT's assertion that the order was erroneous or prejudicial to revenue. The Tribunal allowed the Assessee's appeal, highlighting the importance of adequate inquiry and proper application of mind by the AO in such cases. en-us Wed, 01 Jul 2015 00:00:00 +0530 Thu, 28 Jan 2021 21:47:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=293188 The Appellate Tribunal ITAT Mumbai ruled in favor of the Assessee in a case challenging an order passed under section 263 of the Income-tax Act, 1961. The Tribunal emphasized that the Assessing Officer had conducted proper inquiries and applied a specific method in dealing with alleged bogus purchases, rejecting the CIT's assertion that the order was erroneous or prejudicial to revenue. The Tribunal allowed the Assessee's appeal, highlighting the importance of adequate inquiry and proper application of mind by the AO in such cases. Case-Laws Income Tax Wed, 01 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=293188