https://www.taxtmi.com/caselaws?id=449714 ITAT Rajkot ruled in favor of the assessee in a revision case under section 263. The PCIT challenged an assessment order under section 147 read with 143(3), alleging non-verification and non-application of mind by the AO regarding freight advances versus freight charges in the balance sheet. The tribunal found that the AO had properly verified details during income escaping proceedings and concluded no mismatch existed. The PCIT erroneously considered only debit entries while ignoring credit adjustments in the ledger. The tribunal held that the PCIT cannot selectively examine issues already satisfied by the AO during section 147 proceedings, making the revision order impermissible under law. en-us Wed, 07 Feb 2024 00:00:00 +0530 Sat, 17 Feb 2024 10:08:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449714 ITAT Rajkot ruled in favor of the assessee in a revision case under section 263. The PCIT challenged an assessment order under section 147 read with 143(3), alleging non-verification and non-application of mind by the AO regarding freight advances versus freight charges in the balance sheet. The tribunal found that the AO had properly verified details during income escaping proceedings and concluded no mismatch existed. The PCIT erroneously considered only debit entries while ignoring credit adjustments in the ledger. The tribunal held that the PCIT cannot selectively examine issues already satisfied by the AO during section 147 proceedings, making the revision order impermissible under law. Case-Laws Income Tax Wed, 07 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449714