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ITAT allowed the assessee's appeal and quashed the PCIT's revision order u/s 263. The tribunal held that withdrawals from capital account cannot be treated as income and cause no prejudice to revenue. The AO had properly examined complete books of accounts including sundry creditors, receivables, and transactions with related proprietory concern. PCIT failed to establish how the assessment order was erroneous or prejudicial to revenue interest. Bank charges and interest were properly verified and allowable. The tribunal found PCIT's findings lacked adequate basis and were bad in law, reversing the revision order entirely.
ITAT allowed the assessee's appeal and quashed the PCIT's revision order u/s 263. The tribunal held that withdrawals from capital account cannot be treated as income and cause no prejudice to revenue. The AO had properly examined complete books of accounts including sundry creditors, receivables, and transactions with related proprietory concern. PCIT failed to establish how the assessment order was erroneous or prejudicial to revenue interest. Bank charges and interest were properly verified and allowable. The tribunal found PCIT's findings lacked adequate basis and were bad in law, reversing the revision order entirely.
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