https://www.taxtmi.com/caselaws?id=445865 Gujarat HC held that CIT's revision u/s 263 challenging AO's allowance of construction expenditure provisions was invalid. The court found AO had conducted sufficient inquiry during assessment proceedings, examining the assessee's explanation that provisions represented proportionate expenditure for units sold, actually paid in subsequent year 2017-18. Since AO adopted a permissible view after proper scrutiny and CIT failed to specify what additional inquiry was required, the assessment order was not erroneous or prejudicial to revenue interest. Decided in favor of assessee. en-us Tue, 26 Sep 2023 00:00:00 +0530 Tue, 21 Nov 2023 08:33:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445865 Gujarat HC held that CIT's revision u/s 263 challenging AO's allowance of construction expenditure provisions was invalid. The court found AO had conducted sufficient inquiry during assessment proceedings, examining the assessee's explanation that provisions represented proportionate expenditure for units sold, actually paid in subsequent year 2017-18. Since AO adopted a permissible view after proper scrutiny and CIT failed to specify what additional inquiry was required, the assessment order was not erroneous or prejudicial to revenue interest. Decided in favor of assessee. Case-Laws Income Tax Tue, 26 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445865