https://www.taxtmi.com/caselaws?id=412157 The Tribunal quashed the order passed under section 263 of the Income Tax Act, 1961, ruling in favor of the appellant. It found that the original assessment was not erroneous or prejudicial to revenue, emphasizing the necessity of establishing both error and prejudice to invoke section 263. The Tribunal highlighted the validity of evidence provided by the appellant on various issues raised during the assessment, including purchases, share capital contributions, creditors, and expenses. The judgment underscores the importance of thorough examination and substantiation of claims during assessment proceedings to prevent unwarranted challenges. en-us Mon, 06 Sep 2021 00:00:00 +0530 Sat, 11 Sep 2021 09:56:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=412157 The Tribunal quashed the order passed under section 263 of the Income Tax Act, 1961, ruling in favor of the appellant. It found that the original assessment was not erroneous or prejudicial to revenue, emphasizing the necessity of establishing both error and prejudice to invoke section 263. The Tribunal highlighted the validity of evidence provided by the appellant on various issues raised during the assessment, including purchases, share capital contributions, creditors, and expenses. The judgment underscores the importance of thorough examination and substantiation of claims during assessment proceedings to prevent unwarranted challenges. Case-Laws Income Tax Mon, 06 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=412157