https://www.taxtmi.com/caselaws?id=446093 ITAT Chennai upheld PCIT's revision order under section 263 regarding agricultural income and sundry creditors but allowed appeal on depreciation. AO failed to verify agricultural income claims despite lack of supporting documents, accepting only land revenue records without evidence of actual agricultural sales or income generation. Similarly, AO inadequately examined sundry creditors without obtaining PAN details, confirmation letters, addresses, or creditworthiness verification. However, regarding depreciation on machinery, ITAT found AO had properly verified details with bills and ledger accounts during assessment year 2014-15 enquiry, rejecting PCIT's observation. Appeal partly allowed. en-us Wed, 30 Aug 2023 00:00:00 +0530 Sat, 25 Nov 2023 06:02:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446093 ITAT Chennai upheld PCIT's revision order under section 263 regarding agricultural income and sundry creditors but allowed appeal on depreciation. AO failed to verify agricultural income claims despite lack of supporting documents, accepting only land revenue records without evidence of actual agricultural sales or income generation. Similarly, AO inadequately examined sundry creditors without obtaining PAN details, confirmation letters, addresses, or creditworthiness verification. However, regarding depreciation on machinery, ITAT found AO had properly verified details with bills and ledger accounts during assessment year 2014-15 enquiry, rejecting PCIT's observation. Appeal partly allowed. Case-Laws Income Tax Wed, 30 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446093