https://www.taxtmi.com/caselaws?id=312457 The ITAT Jaipur allowed the assessee's appeal against revision proceedings under section 263. The case involved limited scrutiny for verifying deductions against income from other sources. The PCIT held the AO's assessment erroneous for not examining loan activities, but the ITAT found the AO had properly examined relevant documents including creditor confirmations with complete addresses and PAN numbers. Since the case was selected for limited scrutiny only to verify specific deductions, the AO was duty-bound to restrict examination to that scope. The ITAT held that examining loan activities was beyond the limited scrutiny purview, and the AO had adequately verified matters within the prescribed scope, making the revision proceedings invalid. en-us Tue, 11 Apr 2023 00:00:00 +0530 Tue, 20 Feb 2024 06:29:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312457 The ITAT Jaipur allowed the assessee's appeal against revision proceedings under section 263. The case involved limited scrutiny for verifying deductions against income from other sources. The PCIT held the AO's assessment erroneous for not examining loan activities, but the ITAT found the AO had properly examined relevant documents including creditor confirmations with complete addresses and PAN numbers. Since the case was selected for limited scrutiny only to verify specific deductions, the AO was duty-bound to restrict examination to that scope. The ITAT held that examining loan activities was beyond the limited scrutiny purview, and the AO had adequately verified matters within the prescribed scope, making the revision proceedings invalid. Case-Laws Income Tax Tue, 11 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312457