https://www.taxtmi.com/caselaws?id=428083 The Tribunal allowed the appeal, quashing the Principal Commissioner of Income Tax's revision order under Section 263. It held that the original assessment was proper, the excess stock was correctly treated as business income, and Section 269ST did not apply to the payer of the amount. The Tribunal emphasized that revisionary powers should not substitute the Principal Commissioner's opinion for that of the Assessing Officer or be used for fishing and roving enquiries. en-us Tue, 20 Sep 2022 00:00:00 +0530 Thu, 22 Sep 2022 14:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=428083 The Tribunal allowed the appeal, quashing the Principal Commissioner of Income Tax's revision order under Section 263. It held that the original assessment was proper, the excess stock was correctly treated as business income, and Section 269ST did not apply to the payer of the amount. The Tribunal emphasized that revisionary powers should not substitute the Principal Commissioner's opinion for that of the Assessing Officer or be used for fishing and roving enquiries. Case-Laws Income Tax Tue, 20 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=428083