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The Tribunal found that since no exemption under Section 10(23C)(iiiad) was granted in the original assessment orders, the orders could not be considered erroneous or prejudicial to revenue. Therefore, the revision orders were unsustainable.
The Tribunal found that since no exemption under Section 10(23C)(iiiad) was granted in the original assessment orders, the orders could not be considered erroneous or prejudicial to revenue. Therefore, the revision orders were unsustainable.
The Tribunal held that the AO erred in denying the increase in closing stock without rejecting the assessee's books of account or issuing a show cause notice. The architect's certificate, though not covering the entire project, was not found false, and the AO had accepted the opening stock for the subsequent year.