https://www.taxtmi.com/caselaws?id=409891 The tribunal allowed the appeal, quashing the Principal Commissioner of Income Tax's revision order under section 263. The original assessment order under section 143(3) was restored as the PCIT's findings were deemed based on suspicions without concrete evidence of errors prejudicial to revenue. The tribunal highlighted flaws in the PCIT's calculations, including overlooking internal transfers, market fluctuations, and production capacity considerations. The appeal was allowed on 16th July 2021. en-us Fri, 16 Jul 2021 00:00:00 +0530 Mon, 19 Jul 2021 10:24:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=409891 The tribunal allowed the appeal, quashing the Principal Commissioner of Income Tax's revision order under section 263. The original assessment order under section 143(3) was restored as the PCIT's findings were deemed based on suspicions without concrete evidence of errors prejudicial to revenue. The tribunal highlighted flaws in the PCIT's calculations, including overlooking internal transfers, market fluctuations, and production capacity considerations. The appeal was allowed on 16th July 2021. Case-Laws Income Tax Fri, 16 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=409891