https://www.taxtmi.com/highlights?id=75078 Revision u/s 263 - unexplained cash deposit during the demonization period - The tribunal noted that the AO had conducted an adequate inquiry into the assessee's cash deposits, purchases, and sales, and had accepted the return of income after verification. It was found that the PCIT's order u/s 263 was based on re-evaluation of the same material already considered by the AO without any new evidence or inquiry that justified a revision u/s 263. - The ITAT concluded that the AO's order was not erroneous nor prejudicial to the interest of the revenue. en-us Wed, 21 Feb 2024 07:12:20 +0530 Wed, 21 Feb 2024 07:12:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=75078 Revision u/s 263 - unexplained cash deposit during the demonization period - The tribunal noted that the AO had conducted an adequate inquiry into the assessee's cash deposits, purchases, and sales, and had accepted the return of income after verification. It was found that the PCIT's order u/s 263 was based on re-evaluation of the same material already considered by the AO without any new evidence or inquiry that justified a revision u/s 263. - The ITAT concluded that the AO's order was not erroneous nor prejudicial to the interest of the revenue. Highlights Income Tax Wed, 21 Feb 2024 07:12:20 +0530 https://www.taxtmi.com/highlights?id=75078