https://www.taxtmi.com/caselaws?id=445694 Revision under section 263 of the Income-tax Act was held unsustainable because the Assessing Officer had examined the cash transactions, conducted enquiry under section 133(6), verified material from the angadia concern, and then treated the receipts as unaccounted sales while taxing only the estimated profit element by applying the gross profit rate. Since the assessment reflected application of mind and adopted one of the legally permissible views after enquiry, it was neither erroneous nor prejudicial to the interests of the Revenue. The Commissioner could not invoke section 263 merely to replace that view with a higher addition based on taxing the entire receipts. en-us Fri, 10 Nov 2023 00:00:00 +0530 Thu, 16 Nov 2023 09:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445694 Revision under section 263 of the Income-tax Act was held unsustainable because the Assessing Officer had examined the cash transactions, conducted enquiry under section 133(6), verified material from the angadia concern, and then treated the receipts as unaccounted sales while taxing only the estimated profit element by applying the gross profit rate. Since the assessment reflected application of mind and adopted one of the legally permissible views after enquiry, it was neither erroneous nor prejudicial to the interests of the Revenue. The Commissioner could not invoke section 263 merely to replace that view with a higher addition based on taxing the entire receipts. Case-Laws Income Tax Fri, 10 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445694