Dismissing the appeal of the revenue the Court held that the reasons assigned by the Tribunal while allowing the appeal of the assessee and quashing the order passed by the Commissioner under section 263 were justified. The findings of fact recorded by the Tribunal, after due consideration of the relevant aspects of the matter, were that the assessment was made under section 143(3) after due verification by the Assessing Officer and therefore, the order of the Assessing Officer was not erroneous and prejudicial to the interests of the Revenue. The Tribunal had also recorded a finding that the assessee had furnished complete details of the parties and the accounts in support of its reasonings and conclusions and had placed reliance on various decisions of the Supreme Court and the High Courts. (AY. 2010-11)