https://www.taxtmi.com/caselaws?id=464120 ITAT held the Pr. CIT's revision under s. 263 was unfounded and allowed the appeal. The Tribunal found the AO had made proper enquiries, verified records and taken a plausible view; no new material justified treating the original assessment as erroneous or prejudicial. The Pr. CIT wrongly demanded a "deep investigation," ignored that net profit rate had risen while gross profit fell marginally, and failed to apply objective material before arriving at subjective satisfaction. Revision was set aside and the assessment order upheld in favor of the assessee. en-us Tue, 10 Jan 2023 00:00:00 +0530 Mon, 06 Oct 2025 20:17:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=464120 ITAT held the Pr. CIT's revision under s. 263 was unfounded and allowed the appeal. The Tribunal found the AO had made proper enquiries, verified records and taken a plausible view; no new material justified treating the original assessment as erroneous or prejudicial. The Pr. CIT wrongly demanded a "deep investigation," ignored that net profit rate had risen while gross profit fell marginally, and failed to apply objective material before arriving at subjective satisfaction. Revision was set aside and the assessment order upheld in favor of the assessee. Case-Laws Income Tax Tue, 10 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=464120