https://www.taxtmi.com/caselaws?id=413599 The Tribunal allowed the appeal challenging the order under Section 263 of the Act issued by the Principal Commissioner for the Assessment Year 2015-16. It held that the Assessing Officer had sufficiently examined the large expenses claimed in the Profit & Loss account, conducting proper inquiries and investigations. The Tribunal found that the Principal Commissioner erred in assuming jurisdiction under Section 263 without valid grounds and quashed the proceedings, reinstating the original assessment order and ruling in favor of the assessee. The appeal was allowed on 17th September 2021. en-us Fri, 17 Sep 2021 00:00:00 +0530 Sat, 16 Oct 2021 09:05:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413599 The Tribunal allowed the appeal challenging the order under Section 263 of the Act issued by the Principal Commissioner for the Assessment Year 2015-16. It held that the Assessing Officer had sufficiently examined the large expenses claimed in the Profit & Loss account, conducting proper inquiries and investigations. The Tribunal found that the Principal Commissioner erred in assuming jurisdiction under Section 263 without valid grounds and quashed the proceedings, reinstating the original assessment order and ruling in favor of the assessee. The appeal was allowed on 17th September 2021. Case-Laws Income Tax Fri, 17 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413599