https://www.taxtmi.com/caselaws?id=331422 The Tribunal set aside the revision order passed by the CIT, as it found the assessment order was not erroneous or prejudicial to revenue interests. The Tribunal noted proper inquiries were conducted, explanations provided by the assessee were supported by evidence, and the AO had verified relevant documents during the original assessment. The CIT's comparison of cash balances from separate business and personal accounts was deemed a misdirection. Consequently, the appeal was allowed, and the revision order was overturned on 20.7.2016. en-us Wed, 20 Jul 2016 00:00:00 +0530 Tue, 23 Aug 2016 14:38:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=331422 The Tribunal set aside the revision order passed by the CIT, as it found the assessment order was not erroneous or prejudicial to revenue interests. The Tribunal noted proper inquiries were conducted, explanations provided by the assessee were supported by evidence, and the AO had verified relevant documents during the original assessment. The CIT's comparison of cash balances from separate business and personal accounts was deemed a misdirection. Consequently, the appeal was allowed, and the revision order was overturned on 20.7.2016. Case-Laws Income Tax Wed, 20 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=331422