https://www.taxtmi.com/caselaws?id=459423 The Tribunal overturned the Pr. CIT's revision under section 263, ruling in favor of the assessee. It determined the assessment order was neither erroneous nor prejudicial to the Revenue's interest. The AO had conducted due verification of purchases from Classic Enterprises, substantiating them with bills and transportation details, contrary to the Pr. CIT's assumptions. The Tribunal emphasized the necessity of proper verification by tax authorities, finding no error in the AO's assessment, thus allowing the appeal. en-us Thu, 27 Jul 2023 00:00:00 +0530 Thu, 12 Dec 2024 18:59:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459423 The Tribunal overturned the Pr. CIT's revision under section 263, ruling in favor of the assessee. It determined the assessment order was neither erroneous nor prejudicial to the Revenue's interest. The AO had conducted due verification of purchases from Classic Enterprises, substantiating them with bills and transportation details, contrary to the Pr. CIT's assumptions. The Tribunal emphasized the necessity of proper verification by tax authorities, finding no error in the AO's assessment, thus allowing the appeal. Case-Laws Income Tax Thu, 27 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459423