https://www.taxtmi.com/caselaws?id=445539 ITAT Chandigarh quashed PCIT's revision order u/s 263 challenging AO's assessment. PCIT held AO's order erroneous for not properly verifying cash deposits, opening balances of partners' capital, unsecured loans, and stock. ITAT found AO had adequately examined all issues during assessment proceedings. Cash deposits from poultry business were verified with supporting documents. Opening balances were carried forward from previous year's audited statements already on record. No adverse findings were recorded by AO after proper inquiry. PCIT failed to demonstrate order was prejudicial to revenue interest, making revision unjustified. en-us Tue, 25 Jul 2023 00:00:00 +0530 Fri, 10 Nov 2023 08:44:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445539 ITAT Chandigarh quashed PCIT's revision order u/s 263 challenging AO's assessment. PCIT held AO's order erroneous for not properly verifying cash deposits, opening balances of partners' capital, unsecured loans, and stock. ITAT found AO had adequately examined all issues during assessment proceedings. Cash deposits from poultry business were verified with supporting documents. Opening balances were carried forward from previous year's audited statements already on record. No adverse findings were recorded by AO after proper inquiry. PCIT failed to demonstrate order was prejudicial to revenue interest, making revision unjustified. Case-Laws Income Tax Tue, 25 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445539