https://www.taxtmi.com/caselaws?id=464310 ITAT Chennai (AT) held that the PCIT erred in setting aside the assessment under section 263. The tribunal found the AO had considered the explanations on discounts to members and non-members and completed the assessment; discounts given for business exigency to increase turnover were allowable as business decisions under section 36. Consequently the revision order directing reassessment was quashed and the appeal of the assessee was allowed. en-us Wed, 22 Dec 2021 00:00:00 +0530 Fri, 17 Oct 2025 19:17:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=464310 ITAT Chennai (AT) held that the PCIT erred in setting aside the assessment under section 263. The tribunal found the AO had considered the explanations on discounts to members and non-members and completed the assessment; discounts given for business exigency to increase turnover were allowable as business decisions under section 36. Consequently the revision order directing reassessment was quashed and the appeal of the assessee was allowed. Case-Laws Income Tax Wed, 22 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=464310