https://www.taxtmi.com/caselaws?id=309408 The Tribunal allowed the appeal, quashing the assumed jurisdiction under section 263 of the Income Tax Act. The AO's assessment order was found not erroneous, as proper enquiry was conducted regarding the turnover discrepancy. The Tribunal emphasized that actions are prejudicial only if unsustainable in law, and in this case, the AO's actions were not deemed prejudicial. The decision highlighted the importance of evidence and proper enquiry in assessing revenue interests, following legal precedent from Malabar Industries Ltd. vs. CIT [2000] 243 ITR 83(SC). en-us Wed, 22 Dec 2021 00:00:00 +0530 Thu, 31 Aug 2023 21:35:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=309408 The Tribunal allowed the appeal, quashing the assumed jurisdiction under section 263 of the Income Tax Act. The AO's assessment order was found not erroneous, as proper enquiry was conducted regarding the turnover discrepancy. The Tribunal emphasized that actions are prejudicial only if unsustainable in law, and in this case, the AO's actions were not deemed prejudicial. The decision highlighted the importance of evidence and proper enquiry in assessing revenue interests, following legal precedent from Malabar Industries Ltd. vs. CIT [2000] 243 ITR 83(SC). Case-Laws Income Tax Wed, 22 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=309408