https://www.taxtmi.com/caselaws?id=784161 Revision under s. 263 on alleged bogus purchases turned on whether the assessment was "erroneous and prejudicial to the interests of the Revenue." The Tribunal held the AO had made independent enquiry, recorded third-party and assessee personnel statements, and adopted a possible view accepting the purchases; the revisional authority failed to record a clear finding of error and prejudice and proceeded on suspicion without showing absence of enquiry or independent adverse material. Consequently, the s. 263 order was set aside and the assessee's grounds were allowed. On reassessment additions for purchases of raw boneless meat, the Tribunal upheld the appellate finding that exports and corresponding sales were accepted, stock/yield was not doubted, payments were through banking channels, and the "round-tripping" inference lacked year-specific material; the deletion of additions was sustained. en-us Thu, 04 Dec 2025 00:00:00 +0530 Tue, 30 Dec 2025 09:29:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=784161 Revision under s. 263 on alleged bogus purchases turned on whether the assessment was "erroneous and prejudicial to the interests of the Revenue." The Tribunal held the AO had made independent enquiry, recorded third-party and assessee personnel statements, and adopted a possible view accepting the purchases; the revisional authority failed to record a clear finding of error and prejudice and proceeded on suspicion without showing absence of enquiry or independent adverse material. Consequently, the s. 263 order was set aside and the assessee's grounds were allowed. On reassessment additions for purchases of raw boneless meat, the Tribunal upheld the appellate finding that exports and corresponding sales were accepted, stock/yield was not doubted, payments were through banking channels, and the "round-tripping" inference lacked year-specific material; the deletion of additions was sustained. Case-Laws Income Tax Thu, 04 Dec 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=784161