EMDEE DIGITRONICS PVT LTD vs PR. COMMISSIONER OF INCOME TAX-4

Can AO’s order be termed as erroneous and prejudicial u/s 263 if the assessee has stated transactions are not allowable for deduction but AO has allowed such deductions?

Case: EMDEE DIGITRONICS PVT LTD vs PR. COMMISSIONER OF INCOME TAX-4, ITAT KOLKATA  Listen to the case summary EMDEE DIGITRONICS PVT LTD vs PR. COMMISSIONER OF INCOME TAX-4, ITAT KOLKATA here Background: The assessee's return of income was passed on for reassessment u/s 143(2).After the assessment, the AO passed an order u/s 143(3) of the Income … Continue reading Can AO’s order be termed as erroneous and prejudicial u/s 263 if the assessee has stated transactions are not allowable for deduction but AO has allowed such deductions?