https://www.taxtmi.com/caselaws?id=341846 ITAT (Del) set aside CIT's revision order under s.263, holding the AO had made enquiries and examined capital account, loan confirmations, bank records and tax acknowledgements; deficiencies amounted at most to inadequate enquiry, not lack of enquiry. On proof of ownership and absence of rent claim, no escapement of income was established. Revenue failed to show the assessing officer's order was erroneous and prejudicial to revenue. Consequently the s.263 invocation was quashed and the assessee's appeal allowed. en-us Thu, 13 Apr 2017 00:00:00 +0530 Thu, 25 Sep 2025 15:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=341846 ITAT (Del) set aside CIT's revision order under s.263, holding the AO had made enquiries and examined capital account, loan confirmations, bank records and tax acknowledgements; deficiencies amounted at most to inadequate enquiry, not lack of enquiry. On proof of ownership and absence of rent claim, no escapement of income was established. Revenue failed to show the assessing officer's order was erroneous and prejudicial to revenue. Consequently the s.263 invocation was quashed and the assessee's appeal allowed. Case-Laws Income Tax Thu, 13 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=341846