https://www.taxtmi.com/caselaws?id=787581 Whether the Principal Commissioner correctly invoked revisional jurisdiction to require invocation of taxation of unexplained expenditure was considered; the tribunal held that disallowance of purchases found to be bogus after independent enquiries under the general disallowance principle is a permissible view and does not automatically convert recorded transactions into unexplained expenditure for special rate taxation. Because the assessee had not been shown to have failed to explain the source of purchases and no deficiency rendering the assessment erroneous or prejudicial to revenue was established, the revision under revisional jurisdiction was quashed and set aside in favour of the assessee. en-us Fri, 06 Mar 2026 00:00:00 +0530 Mon, 09 Mar 2026 07:53:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=787581 Whether the Principal Commissioner correctly invoked revisional jurisdiction to require invocation of taxation of unexplained expenditure was considered; the tribunal held that disallowance of purchases found to be bogus after independent enquiries under the general disallowance principle is a permissible view and does not automatically convert recorded transactions into unexplained expenditure for special rate taxation. Because the assessee had not been shown to have failed to explain the source of purchases and no deficiency rendering the assessment erroneous or prejudicial to revenue was established, the revision under revisional jurisdiction was quashed and set aside in favour of the assessee. Case-Laws Income Tax Fri, 06 Mar 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=787581