https://www.taxtmi.com/caselaws?id=469716 In a limited scrutiny assessment opened only on the issue of sundry creditors, the Principal Commissioner could not invoke revisionary jurisdiction by recharacterising advances from customers as sundry creditors and alleging inadequate verification. The text states that the advances were reflected in the balance sheet, accounted for under the project completion method, and offered to tax in later years on project completion. Both the Assessing Officer and the revisional authority were confined to the specific limited-scrutiny issue, and no sustainable error causing prejudice to revenue was shown. On that basis, the revision under section 263 was held unsustainable and quashed in favour of the assessee. en-us Mon, 09 May 2022 00:00:00 +0530 Tue, 30 Jun 2026 17:58:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=469716 In a limited scrutiny assessment opened only on the issue of sundry creditors, the Principal Commissioner could not invoke revisionary jurisdiction by recharacterising advances from customers as sundry creditors and alleging inadequate verification. The text states that the advances were reflected in the balance sheet, accounted for under the project completion method, and offered to tax in later years on project completion. Both the Assessing Officer and the revisional authority were confined to the specific limited-scrutiny issue, and no sustainable error causing prejudice to revenue was shown. On that basis, the revision under section 263 was held unsustainable and quashed in favour of the assessee. Case-Laws Income Tax Mon, 09 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=469716