https://www.taxtmi.com/caselaws?id=416403 The Tribunal ruled in favor of the assessee, quashing the Principal CIT-14's decision to revise the assessment under section 263 of the Income Tax Act. The Tribunal found that the Assessing Officer had properly examined the issue of sundry creditors, accepting the explanation provided by the assessee based on financial statements and ledger accounts. The Tribunal deemed the AO's action reasonable, as no adverse inferences were drawn, leading to the conclusion that the Principal CIT-14's interference was unwarranted and without jurisdiction. The assessee's appeal was allowed on 15 December 2021. en-us Wed, 15 Dec 2021 00:00:00 +0530 Mon, 27 Dec 2021 14:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=416403 The Tribunal ruled in favor of the assessee, quashing the Principal CIT-14's decision to revise the assessment under section 263 of the Income Tax Act. The Tribunal found that the Assessing Officer had properly examined the issue of sundry creditors, accepting the explanation provided by the assessee based on financial statements and ledger accounts. The Tribunal deemed the AO's action reasonable, as no adverse inferences were drawn, leading to the conclusion that the Principal CIT-14's interference was unwarranted and without jurisdiction. The assessee's appeal was allowed on 15 December 2021. Case-Laws Income Tax Wed, 15 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=416403