https://www.taxtmi.com/caselaws?id=445815 Delhi HC upheld ITAT's decision setting aside PCIT's revision order under Section 263. The assessee withdrew cash to purchase land shown as stock-in-trade, with no expenditure claimed as it was neutralized in closing stock. Section 40A(3) was inapplicable since no deduction was claimed. PCIT wrongly invoked Section 40A(3) provisions. Additionally, PCIT could not initiate proceedings for cash withdrawals when no addition was made regarding the original reassessment amount. Decision favored assessee. en-us Thu, 19 Oct 2023 00:00:00 +0530 Fri, 03 May 2024 11:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445815 Delhi HC upheld ITAT's decision setting aside PCIT's revision order under Section 263. The assessee withdrew cash to purchase land shown as stock-in-trade, with no expenditure claimed as it was neutralized in closing stock. Section 40A(3) was inapplicable since no deduction was claimed. PCIT wrongly invoked Section 40A(3) provisions. Additionally, PCIT could not initiate proceedings for cash withdrawals when no addition was made regarding the original reassessment amount. Decision favored assessee. Case-Laws Income Tax Thu, 19 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445815