https://www.taxtmi.com/caselaws?id=445864 The ITAT Rajkot quashed the CIT's revision order under section 263, finding no basis for declaring the assessment erroneous. The assessee had provided complete details of sundry creditors including names, addresses, PAN, and transaction details, stating bank statements were unavailable. The CIT failed to demonstrate why additional inquiry was necessary or provide financial analysis showing the creditor balances were suspicious. The tribunal held that inadequate inquiry alone is insufficient for section 263 revision unless it results in prejudice to revenue, citing Delhi HC precedents. The revision order was set aside in favor of the assessee. en-us Fri, 17 Nov 2023 00:00:00 +0530 Mon, 20 Nov 2023 10:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445864 The ITAT Rajkot quashed the CIT's revision order under section 263, finding no basis for declaring the assessment erroneous. The assessee had provided complete details of sundry creditors including names, addresses, PAN, and transaction details, stating bank statements were unavailable. The CIT failed to demonstrate why additional inquiry was necessary or provide financial analysis showing the creditor balances were suspicious. The tribunal held that inadequate inquiry alone is insufficient for section 263 revision unless it results in prejudice to revenue, citing Delhi HC precedents. The revision order was set aside in favor of the assessee. Case-Laws Income Tax Fri, 17 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445864