https://www.taxtmi.com/caselaws?id=448831 The HC upheld ITAT's decision setting aside CIT's revision proceedings u/s 263. The tribunal found that CIT failed to establish the assessment order u/s 143(3) was erroneous and prejudicial to revenue regarding alleged understatement of closing stock. The assessing officer had conducted due enquiry, examined stock details, and completed scrutiny assessment after proper verification. CIT merely observed "possibility" of understatement without specific findings or proving inadequate enquiry. The tribunal correctly determined that proper enquiry was conducted and assessment was validly completed. Appeal decided against revenue. en-us Thu, 25 Jan 2024 00:00:00 +0530 Mon, 03 Mar 2025 12:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448831 The HC upheld ITAT's decision setting aside CIT's revision proceedings u/s 263. The tribunal found that CIT failed to establish the assessment order u/s 143(3) was erroneous and prejudicial to revenue regarding alleged understatement of closing stock. The assessing officer had conducted due enquiry, examined stock details, and completed scrutiny assessment after proper verification. CIT merely observed "possibility" of understatement without specific findings or proving inadequate enquiry. The tribunal correctly determined that proper enquiry was conducted and assessment was validly completed. Appeal decided against revenue. Case-Laws Income Tax Thu, 25 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448831