https://www.taxtmi.com/caselaws?id=449184 ITAT Ahmedabad allowed the assessee's appeal against CIT's revision order u/s 263. The CIT had set aside the assessment order directing fresh assessment on issues of interest accrued to PFC, bad debts claim, and leave encashment provision. ITAT held that since CIT was satisfied with assessee's explanation regarding alleged irregularities and found no error in allowing these claims, there was no basis for exercising revisionary powers u/s 263. The tribunal emphasized that revisionary powers require finding an error causing revenue prejudice, which was absent here. Mere non-examination by AO during assessment proceedings doesn't render the order erroneous when claims are legally eligible. en-us Fri, 02 Feb 2024 00:00:00 +0530 Wed, 07 Feb 2024 07:15:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449184 ITAT Ahmedabad allowed the assessee's appeal against CIT's revision order u/s 263. The CIT had set aside the assessment order directing fresh assessment on issues of interest accrued to PFC, bad debts claim, and leave encashment provision. ITAT held that since CIT was satisfied with assessee's explanation regarding alleged irregularities and found no error in allowing these claims, there was no basis for exercising revisionary powers u/s 263. The tribunal emphasized that revisionary powers require finding an error causing revenue prejudice, which was absent here. Mere non-examination by AO during assessment proceedings doesn't render the order erroneous when claims are legally eligible. Case-Laws Income Tax Fri, 02 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449184