https://www.taxtmi.com/caselaws?id=445343 The ITAT Rajkot upheld the Principal CIT's revision order under section 263, rejecting the assessee's contentions. The tribunal held that pending appeals before CIT(Appeals) do not bar revision proceedings under section 263, citing SC precedents in Amritlal Bhogilal Co and EIMCO K.C.P. Ltd. The tribunal found that adequate opportunity was provided to the assessee during revision proceedings. Despite the AO examining relevant facts during assessment, the tribunal concluded the AO's analysis prejudiced revenue interests. The tribunal determined that transactions with an Angadia should be treated as cash transactions rather than trading turnover, and section 44AD provisions were incorrectly applied as transactions exceeded Rs. 60 lakhs. The appeal was decided against the assessee. en-us Tue, 31 Oct 2023 00:00:00 +0530 Sat, 04 Nov 2023 12:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445343 The ITAT Rajkot upheld the Principal CIT's revision order under section 263, rejecting the assessee's contentions. The tribunal held that pending appeals before CIT(Appeals) do not bar revision proceedings under section 263, citing SC precedents in Amritlal Bhogilal Co and EIMCO K.C.P. Ltd. The tribunal found that adequate opportunity was provided to the assessee during revision proceedings. Despite the AO examining relevant facts during assessment, the tribunal concluded the AO's analysis prejudiced revenue interests. The tribunal determined that transactions with an Angadia should be treated as cash transactions rather than trading turnover, and section 44AD provisions were incorrectly applied as transactions exceeded Rs. 60 lakhs. The appeal was decided against the assessee. Case-Laws Income Tax Tue, 31 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445343