https://www.taxtmi.com/caselaws?id=437880 The Tribunal quashed the Pr. CIT's order under Section 263 of the Income Tax Act, restoring the AO's assessment order. The appeal was allowed as the Pr. CIT failed to demonstrate the AO's order was erroneous. The Tribunal determined that the AO had conducted necessary inquiries, rejecting the Pr. CIT's claim of unexplained expenditure. The disputed amount was deemed a sales reversal, following the consistent accounting method. Consequently, the Tribunal found the Pr. CIT's invocation of Section 263 jurisdiction to be incorrect. en-us Mon, 24 Apr 2023 00:00:00 +0530 Mon, 15 May 2023 14:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=437880 The Tribunal quashed the Pr. CIT's order under Section 263 of the Income Tax Act, restoring the AO's assessment order. The appeal was allowed as the Pr. CIT failed to demonstrate the AO's order was erroneous. The Tribunal determined that the AO had conducted necessary inquiries, rejecting the Pr. CIT's claim of unexplained expenditure. The disputed amount was deemed a sales reversal, following the consistent accounting method. Consequently, the Tribunal found the Pr. CIT's invocation of Section 263 jurisdiction to be incorrect. Case-Laws Income Tax Mon, 24 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=437880