https://www.taxtmi.com/caselaws?id=312093 The ITAT AGRA ruled in favor of the assessee, setting aside the CIT's revision order u/s 263 regarding unsecured loans. The tribunal found that the AO had conducted adequate inquiry by obtaining bank statements and confirmations from parties, despite the CIT's claim of inadequate investigation. The court held that the CIT acted casually without demonstrating any fallacy in the AO's assessment that caused revenue prejudice. Additionally, the CIT incorrectly applied explanation 2(a) of section 263, which was effective from 01.06.2015 and not applicable to the current assessment year. The tribunal concluded this was not a case of non-inquiry, making the supervisory jurisdiction unjustifiable. en-us Tue, 25 Jul 2023 00:00:00 +0530 Wed, 31 Jan 2024 17:08:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312093 The ITAT AGRA ruled in favor of the assessee, setting aside the CIT's revision order u/s 263 regarding unsecured loans. The tribunal found that the AO had conducted adequate inquiry by obtaining bank statements and confirmations from parties, despite the CIT's claim of inadequate investigation. The court held that the CIT acted casually without demonstrating any fallacy in the AO's assessment that caused revenue prejudice. Additionally, the CIT incorrectly applied explanation 2(a) of section 263, which was effective from 01.06.2015 and not applicable to the current assessment year. The tribunal concluded this was not a case of non-inquiry, making the supervisory jurisdiction unjustifiable. Case-Laws Income Tax Tue, 25 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312093