https://www.taxtmi.com/caselaws?id=427980 The ITAT held that the PCIT's revision order under Section 263 of the Income Tax Act was unjustified as the PCIT failed to establish the AO's error in the assessment of cash deposits during the demonetization period. The ITAT emphasized that the AO had conducted adequate verification and that the PCIT's reliance on Explanation 2(a) to Section 263 was misplaced. Consequently, the ITAT set aside the PCIT's order, allowed the assessee's appeal, and upheld the original assessment order passed by the AO. The decision highlights the importance of adhering to legal standards when revising assessment orders under Section 263. en-us Thu, 15 Sep 2022 00:00:00 +0530 Wed, 21 Sep 2022 07:40:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427980 The ITAT held that the PCIT's revision order under Section 263 of the Income Tax Act was unjustified as the PCIT failed to establish the AO's error in the assessment of cash deposits during the demonetization period. The ITAT emphasized that the AO had conducted adequate verification and that the PCIT's reliance on Explanation 2(a) to Section 263 was misplaced. Consequently, the ITAT set aside the PCIT's order, allowed the assessee's appeal, and upheld the original assessment order passed by the AO. The decision highlights the importance of adhering to legal standards when revising assessment orders under Section 263. Case-Laws Income Tax Thu, 15 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427980