https://www.taxtmi.com/caselaws?id=334694 The ITAT allowed the assessee's appeal, setting aside the revision order passed by the CIT under section 263 of the Income Tax Act. The ITAT found that while there were errors in the assessment order, the CIT failed to demonstrate prejudice to Revenue's interest as required for revision. The ITAT emphasized the necessity of verifying claims and providing reasons for rejection before revising an assessment order. The decision highlighted the importance of thorough examination of sources of additional capital and upheld the assessee's contentions against the CIT's decision. en-us Wed, 19 Oct 2016 00:00:00 +0530 Fri, 18 Nov 2016 13:19:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=334694 The ITAT allowed the assessee's appeal, setting aside the revision order passed by the CIT under section 263 of the Income Tax Act. The ITAT found that while there were errors in the assessment order, the CIT failed to demonstrate prejudice to Revenue's interest as required for revision. The ITAT emphasized the necessity of verifying claims and providing reasons for rejection before revising an assessment order. The decision highlighted the importance of thorough examination of sources of additional capital and upheld the assessee's contentions against the CIT's decision. Case-Laws Income Tax Wed, 19 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=334694