https://www.taxtmi.com/caselaws?id=298440 The Tribunal found that the Principal Commissioner of Income Tax erred in treating the Assessing Officer's order as erroneous and prejudicial to the interest of Revenue under Section 263 of the Income Tax Act. The Tribunal held that the CIT's revision was not justified as the AO had conducted necessary inquiries on various issues raised, including discrepancies in fixed assets, disallowance under Section 14A, trade discount claim, and excess depreciation due to foreign exchange gain. The Tribunal concluded that the CIT's order was unsustainable, referencing inconsistencies in grounds and the AO's due diligence, and reversed the CIT's decision in favor of the assessee. en-us Fri, 04 Nov 2016 00:00:00 +0530 Tue, 02 Nov 2021 09:26:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=298440 The Tribunal found that the Principal Commissioner of Income Tax erred in treating the Assessing Officer's order as erroneous and prejudicial to the interest of Revenue under Section 263 of the Income Tax Act. The Tribunal held that the CIT's revision was not justified as the AO had conducted necessary inquiries on various issues raised, including discrepancies in fixed assets, disallowance under Section 14A, trade discount claim, and excess depreciation due to foreign exchange gain. The Tribunal concluded that the CIT's order was unsustainable, referencing inconsistencies in grounds and the AO's due diligence, and reversed the CIT's decision in favor of the assessee. Case-Laws Income Tax Fri, 04 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=298440