https://www.taxtmi.com/caselaws?id=422594 The tribunal overturned the Principal Commissioner of Income Tax's order issued under section 263 of the Income Tax Act for the assessment year 2017-18, which challenged an assessment based on unverified purchases and gross profit estimation. The tribunal found that the Principal Commissioner lacked jurisdiction as the assessment order was not erroneous or prejudicial to the Revenue's interest. It upheld the assessment completed by the Assessing Officer, emphasizing the importance of the AO's examination of purchases and estimation of profit based on available evidence. The tribunal ruled in favor of the appellant, quashing the Principal Commissioner's order. en-us Fri, 13 May 2022 00:00:00 +0530 Thu, 19 May 2022 08:29:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=422594 The tribunal overturned the Principal Commissioner of Income Tax's order issued under section 263 of the Income Tax Act for the assessment year 2017-18, which challenged an assessment based on unverified purchases and gross profit estimation. The tribunal found that the Principal Commissioner lacked jurisdiction as the assessment order was not erroneous or prejudicial to the Revenue's interest. It upheld the assessment completed by the Assessing Officer, emphasizing the importance of the AO's examination of purchases and estimation of profit based on available evidence. The tribunal ruled in favor of the appellant, quashing the Principal Commissioner's order. Case-Laws Income Tax Fri, 13 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=422594