The Tribunal held that it was evident that the Assessing Officer had duly applied his mind and made adequate enquiries regarding the non-inclusion of the sum on account of the increase in valuation of stock as borne out from the assessee\u2019s letters and further substantiated by the slight fall in the \u201cgross profit rate\u201d and \u201cnet profit rate\u201d. It further held that it was also evident from the Principal Commissioner\u2019s order that there was no change in the assessee\u2019s stand before the Assessing Officer or before the Principal Commissioner and, thus, the Principal Commissioner\u2019s contention that the matter required further verification was of no consequence as the assessee had been following a consistent system of accounting and had duly complied with the directions of the Assessing Officer. (AY. 2015-16)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 263 : Commissioner-Revision of orders prejudicial to revenue-Assessing Officer Framing Assessment After Considering All Details And Information Submitted By Assessee-Assessee\u2019s claim of increase in valuation of stock properly explained-Commissioner ought to have conducted enquiries himself on not being satisfied-Revision is not valid. [S. 143(3)] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-37243","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-9GH","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/37243","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=37243"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/37243\/revisions"}],"predecessor-version":[{"id":37244,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/37243\/revisions\/37244"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=37243"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=37243"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=37243"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}