https://www.taxtmi.com/caselaws?id=449838 The dominant issue was whether the PCIT validly assumed revisionary jurisdiction under s.263 in respect of cash deposits during demonetisation allegedly unsupported by sales bills. The Tribunal held that the AO had examined the cash book containing bill-wise sales details, noted the assessee's seasonal hosiery trade and permissibility of cash sales, and formed a considered view taxing the resultant profit. Since this was not a case of "no enquiry" and the PCIT neither identified any specific enquiry omitted by the AO nor conducted further verification to show error and prejudice, s.263 could not be invoked merely to seek deeper enquiries or to substitute a plausible view. The s.263 order was set aside and the assessee's appeal was allowed. en-us Mon, 19 Feb 2024 00:00:00 +0530 Mon, 05 Jan 2026 11:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449838 The dominant issue was whether the PCIT validly assumed revisionary jurisdiction under s.263 in respect of cash deposits during demonetisation allegedly unsupported by sales bills. The Tribunal held that the AO had examined the cash book containing bill-wise sales details, noted the assessee's seasonal hosiery trade and permissibility of cash sales, and formed a considered view taxing the resultant profit. Since this was not a case of "no enquiry" and the PCIT neither identified any specific enquiry omitted by the AO nor conducted further verification to show error and prejudice, s.263 could not be invoked merely to seek deeper enquiries or to substitute a plausible view. The s.263 order was set aside and the assessee's appeal was allowed. Case-Laws Income Tax Mon, 19 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449838