https://www.taxtmi.com/caselaws?id=293650 The tribunal allowed the appeals of the assessees, quashing the orders passed under Section 263 by the Principal Commissioner of Income Tax. It held that there was no error prejudicial to the interest of the revenue in the Assessment Orders, emphasizing that the Assessing Officer's view was plausible after examining the documents and records. The tribunal concluded that only the profit element from undisclosed purchases should be added to income, not the entire purchase price, citing relevant case law to support its decision. en-us Tue, 14 Jan 2020 00:00:00 +0530 Tue, 23 Feb 2021 09:10:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=293650 The tribunal allowed the appeals of the assessees, quashing the orders passed under Section 263 by the Principal Commissioner of Income Tax. It held that there was no error prejudicial to the interest of the revenue in the Assessment Orders, emphasizing that the Assessing Officer's view was plausible after examining the documents and records. The tribunal concluded that only the profit element from undisclosed purchases should be added to income, not the entire purchase price, citing relevant case law to support its decision. Case-Laws Income Tax Tue, 14 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=293650