https://www.taxtmi.com/caselaws?id=447247 ITAT Jabalpur allowed the assessee's appeal against Pr. CIT's revision order u/s 263. The case involved disputed property purchase from relative and increased unsecured loans. AO accepted assessee's explanations that purchased land was rural agricultural property from relative, supported by confirmation letter and genealogical tree. For unsecured loans, assessee provided identity, creditworthiness, and genuineness evidence for 41 lenders through bank statements and documentation. ITAT held AO's approach required no interference u/s 263 as assessee discharged initial burden with satisfactory evidence. Pr. CIT's order was quashed. en-us Tue, 19 Dec 2023 00:00:00 +0530 Thu, 21 Dec 2023 09:30:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447247 ITAT Jabalpur allowed the assessee's appeal against Pr. CIT's revision order u/s 263. The case involved disputed property purchase from relative and increased unsecured loans. AO accepted assessee's explanations that purchased land was rural agricultural property from relative, supported by confirmation letter and genealogical tree. For unsecured loans, assessee provided identity, creditworthiness, and genuineness evidence for 41 lenders through bank statements and documentation. ITAT held AO's approach required no interference u/s 263 as assessee discharged initial burden with satisfactory evidence. Pr. CIT's order was quashed. Case-Laws Income Tax Tue, 19 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447247