https://www.taxtmi.com/caselaws?id=430246 The tribunal allowed the appeal filed by the assessee, quashing the order passed by the Principal Commissioner of Income Tax under Section 263. It held that the Assessing Officer's order was not erroneous or prejudicial to the revenue's interest. The tribunal found the provision for construction expenses allowable under Section 37(1) as it was made with reliable estimates and paid in the subsequent financial year. Additionally, it determined that the Assessing Officer had conducted adequate inquiries during the assessment proceedings, leading to the favorable outcome for the assessee. en-us Fri, 11 Nov 2022 00:00:00 +0530 Tue, 15 Nov 2022 09:17:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430246 The tribunal allowed the appeal filed by the assessee, quashing the order passed by the Principal Commissioner of Income Tax under Section 263. It held that the Assessing Officer's order was not erroneous or prejudicial to the revenue's interest. The tribunal found the provision for construction expenses allowable under Section 37(1) as it was made with reliable estimates and paid in the subsequent financial year. Additionally, it determined that the Assessing Officer had conducted adequate inquiries during the assessment proceedings, leading to the favorable outcome for the assessee. Case-Laws Income Tax Fri, 11 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430246