https://www.taxtmi.com/caselaws?id=429698 The Tribunal allowed the appeal, quashing the Principal Commissioner of Income Tax's order under Section 263. It held that the Assessing Officer had appropriately classified the additional income as business income from excess stock, rejecting the PCIT's attempt to reclassify it as unexplained investment. The Tribunal found the PCIT's order erroneous and prejudicial to the revenue, emphasizing that revisional jurisdiction should not substitute the PCIT's opinion for that of the AO or lead to double taxation without new evidence. en-us Fri, 21 Oct 2022 00:00:00 +0530 Wed, 02 Nov 2022 15:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=429698 The Tribunal allowed the appeal, quashing the Principal Commissioner of Income Tax's order under Section 263. It held that the Assessing Officer had appropriately classified the additional income as business income from excess stock, rejecting the PCIT's attempt to reclassify it as unexplained investment. The Tribunal found the PCIT's order erroneous and prejudicial to the revenue, emphasizing that revisional jurisdiction should not substitute the PCIT's opinion for that of the AO or lead to double taxation without new evidence. Case-Laws Income Tax Fri, 21 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=429698