https://www.taxtmi.com/caselaws?id=430985 Revision under section 263 could not be sustained where the very basis for the proposed adjustment, namely alleged unrecorded sales and the related profit addition, had already been deleted. Once the turnover itself was held unsustainable, there was no independent legal foundation to estimate additional capital employed or inventory for carrying on that turnover. The revisionary direction therefore lacked support and was set aside in favour of the assessee on that issue. en-us Thu, 22 Sep 2022 00:00:00 +0530 Sat, 03 Dec 2022 05:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430985 Revision under section 263 could not be sustained where the very basis for the proposed adjustment, namely alleged unrecorded sales and the related profit addition, had already been deleted. Once the turnover itself was held unsustainable, there was no independent legal foundation to estimate additional capital employed or inventory for carrying on that turnover. The revisionary direction therefore lacked support and was set aside in favour of the assessee on that issue. Case-Laws Income Tax Thu, 22 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430985