https://www.taxtmi.com/caselaws?id=434471 The Tribunal allowed the appeal of the assessee, holding that the Assessing Officer's order was not erroneous or prejudicial to the revenue. The Tribunal found that the Principal Commissioner of Income Tax's assumption of jurisdiction under section 263 was not in accordance with the law. The Tribunal concluded that the AO's treatment of the excess stock as business income was reasonable, supported by the partners' statements and financial records. Therefore, the Pr. CIT's order under section 263 was set aside, and the appeal was allowed in favor of the assessee. en-us Wed, 11 Jan 2023 00:00:00 +0530 Sat, 25 Feb 2023 11:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=434471 The Tribunal allowed the appeal of the assessee, holding that the Assessing Officer's order was not erroneous or prejudicial to the revenue. The Tribunal found that the Principal Commissioner of Income Tax's assumption of jurisdiction under section 263 was not in accordance with the law. The Tribunal concluded that the AO's treatment of the excess stock as business income was reasonable, supported by the partners' statements and financial records. Therefore, the Pr. CIT's order under section 263 was set aside, and the appeal was allowed in favor of the assessee. Case-Laws Income Tax Wed, 11 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=434471