https://www.taxtmi.com/caselaws?id=408220 The Tribunal held that the Assessing Officer's decision was based on valid evidence and inquiries, rejecting the Principal Commissioner of Income Tax's attempt to substitute his opinion. Even if the transactions were deemed bogus, only the income generated by the assessee could be taxed, not the entire sales amount. Consequently, the Tribunal overturned the Pr. CIT's order under section 263 and ruled in favor of the assessee. en-us Thu, 04 Mar 2021 00:00:00 +0530 Fri, 04 Jun 2021 08:24:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408220 The Tribunal held that the Assessing Officer's decision was based on valid evidence and inquiries, rejecting the Principal Commissioner of Income Tax's attempt to substitute his opinion. Even if the transactions were deemed bogus, only the income generated by the assessee could be taxed, not the entire sales amount. Consequently, the Tribunal overturned the Pr. CIT's order under section 263 and ruled in favor of the assessee. Case-Laws Income Tax Thu, 04 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408220