https://www.taxtmi.com/caselaws?id=413672 The Tribunal upheld the Assessing Officer's assessment under section 143(3) in a case where the Principal CIT sought revision under section 263 due to a mismatch in turnover figures. The Tribunal ruled that only the profit element in the undisclosed turnover should be taxed, not the entire amount, as per judicial precedents. Referring to the Honda Siel Power Products case, it held that if the Assessing Officer's view is plausible, the Principal CIT cannot substitute it under section 263. Consequently, the Tribunal canceled the Principal CIT's revision, emphasizing the proper consideration of expenses before taxing undisclosed turnover. en-us Wed, 08 Sep 2021 00:00:00 +0530 Thu, 28 Oct 2021 15:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413672 The Tribunal upheld the Assessing Officer's assessment under section 143(3) in a case where the Principal CIT sought revision under section 263 due to a mismatch in turnover figures. The Tribunal ruled that only the profit element in the undisclosed turnover should be taxed, not the entire amount, as per judicial precedents. Referring to the Honda Siel Power Products case, it held that if the Assessing Officer's view is plausible, the Principal CIT cannot substitute it under section 263. Consequently, the Tribunal canceled the Principal CIT's revision, emphasizing the proper consideration of expenses before taxing undisclosed turnover. Case-Laws Income Tax Wed, 08 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413672