https://www.taxtmi.com/caselaws?id=426976 The Tribunal allowed the appeal, condoning the delay in filing and quashing the PCIT's order under Section 263. The Tribunal held that the AO had conducted due inquiries and that the PCIT's revisionary powers were exercised without pointing out specific errors or providing contrary evidence. The Tribunal emphasized the need for concrete evidence to justify the exercise of revisionary powers and supported the AO's acceptance of the assessee's explanation for the cash deposits. en-us Tue, 26 Jul 2022 00:00:00 +0530 Tue, 30 Aug 2022 10:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=426976 The Tribunal allowed the appeal, condoning the delay in filing and quashing the PCIT's order under Section 263. The Tribunal held that the AO had conducted due inquiries and that the PCIT's revisionary powers were exercised without pointing out specific errors or providing contrary evidence. The Tribunal emphasized the need for concrete evidence to justify the exercise of revisionary powers and supported the AO's acceptance of the assessee's explanation for the cash deposits. Case-Laws Income Tax Tue, 26 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=426976