Electronic WhatsApp evidence without authentication or independent corroboration cannot sustain an unexplained-investment addition based on third-part...
Mutual current-account transactions excluded from deemed dividend treatment where no fresh borrowing arose; unsupported unsecured-loan addition also f...
ITAT allowed the appeal, holding that the AO had made requisite enquiries under s.142(1) and conscientiously considered the assessee's explanations regarding foreign remittances and alleged TDS non-deduction. The Tribunal found the assessment to be one of two permissible views and therefore not "erroneous and prejudicial to the interests of revenue" under s.263 merely because the PCIT preferred a different opinion. Invocation of s.263 without identifying specific lacunae in the assessment order was held unjustified. Reliance on binding appellate and HC precedents affirmed that revision cannot be exercised for mere change of opinion where the AO has applied mind; consequent revision was quashed and the appeal was allowed.
ITAT allowed the appeal, holding that the AO had made requisite enquiries under s.142(1) and conscientiously considered the assessee's explanations regarding foreign remittances and alleged TDS non-deduction. The Tribunal found the assessment to be one of two permissible views and therefore not "erroneous and prejudicial to the interests of revenue" under s.263 merely because the PCIT preferred a different opinion. Invocation of s.263 without identifying specific lacunae in the assessment order was held unjustified. Reliance on binding appellate and HC precedents affirmed that revision cannot be exercised for mere change of opinion where the AO has applied mind; consequent revision was quashed and the appeal was allowed.
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