https://www.taxtmi.com/caselaws?id=766971 Gujarat HC upheld ITAT's decision setting aside revision order under Section 263. The court held that the Assessing Officer had conducted detailed examination during original assessment proceedings and applied GP rate of 19.40% on unexplained cash transactions after determining they represented unaccounted cash sales. Since the AO took a legally plausible view based on thorough inquiry, the Principal CIT could not invoke Section 263 merely to substitute an alternate view. The court emphasized that only real income, not entire receipts, should be taxed. Decision favored the assessee. en-us Tue, 04 Mar 2025 00:00:00 +0530 Fri, 10 Apr 2026 18:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766971 Gujarat HC upheld ITAT's decision setting aside revision order under Section 263. The court held that the Assessing Officer had conducted detailed examination during original assessment proceedings and applied GP rate of 19.40% on unexplained cash transactions after determining they represented unaccounted cash sales. Since the AO took a legally plausible view based on thorough inquiry, the Principal CIT could not invoke Section 263 merely to substitute an alternate view. The court emphasized that only real income, not entire receipts, should be taxed. Decision favored the assessee. Case-Laws Income Tax Tue, 04 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766971