https://www.taxtmi.com/caselaws?id=446710 ITAT PUNE upheld CIT's revision u/s 263 against the assessee. The tribunal found that the AO failed to conduct any enquiry or verification regarding disallowance of interest paid on TDS and applicability of deemed rent on unsold flats. Under explanation 2(a) to section 263, when no enquiry is conducted by the AO, the assessment order is deemed erroneous and prejudicial to revenue interest. The tribunal rejected the assessee's argument that the order was merely erroneous but not prejudicial, holding that the deeming provision applies when the AO fails to perform his duty of conducting proper enquiry and verification. en-us Mon, 21 Aug 2023 00:00:00 +0530 Sat, 09 Dec 2023 08:54:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446710 ITAT PUNE upheld CIT's revision u/s 263 against the assessee. The tribunal found that the AO failed to conduct any enquiry or verification regarding disallowance of interest paid on TDS and applicability of deemed rent on unsold flats. Under explanation 2(a) to section 263, when no enquiry is conducted by the AO, the assessment order is deemed erroneous and prejudicial to revenue interest. The tribunal rejected the assessee's argument that the order was merely erroneous but not prejudicial, holding that the deeming provision applies when the AO fails to perform his duty of conducting proper enquiry and verification. Case-Laws Income Tax Mon, 21 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446710