https://www.taxtmi.com/caselaws?id=416632 The High Court upheld the Tribunal's decision to quash the order under Section 263 of the Income Tax Act, determining that the assessing officer had conducted necessary inquiries and the order was not erroneous or prejudicial to the revenue's interest. Additionally, the Court found that certain debits in the profit and loss account, objected to by the revenue audit, were allowable as they had a nexus with the business and were consistent with previous years' treatment. The Court dismissed the appeal, ruling in favor of the assessee on all substantial questions of law raised by the revenue. en-us Fri, 10 Dec 2021 00:00:00 +0530 Mon, 03 Jan 2022 08:27:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=416632 The High Court upheld the Tribunal's decision to quash the order under Section 263 of the Income Tax Act, determining that the assessing officer had conducted necessary inquiries and the order was not erroneous or prejudicial to the revenue's interest. Additionally, the Court found that certain debits in the profit and loss account, objected to by the revenue audit, were allowable as they had a nexus with the business and were consistent with previous years' treatment. The Court dismissed the appeal, ruling in favor of the assessee on all substantial questions of law raised by the revenue. Case-Laws Income Tax Fri, 10 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=416632