https://www.taxtmi.com/caselaws?id=450319 The ITAT Kolkata quashed the revision order passed by the Pr. CIT under Section 263. The CIT had challenged the AO's assessment under Section 144, where the AO assessed income at 1.5% commission on total bank credits instead of adding the entire amount as unexplained cash credit. The ITAT held that the AO had taken a plausible view based on available bank statements, concluding the assessee was an accommodation entry provider. Since the AO's assessment was neither incorrect nor against Income Tax Act provisions, the Pr. CIT could not substitute his view merely due to disagreement. The tribunal relied on Gabriel India Ltd. precedent and decided in favor of the assessee. en-us Thu, 29 Feb 2024 00:00:00 +0530 Sat, 02 Mar 2024 07:24:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450319 The ITAT Kolkata quashed the revision order passed by the Pr. CIT under Section 263. The CIT had challenged the AO's assessment under Section 144, where the AO assessed income at 1.5% commission on total bank credits instead of adding the entire amount as unexplained cash credit. The ITAT held that the AO had taken a plausible view based on available bank statements, concluding the assessee was an accommodation entry provider. Since the AO's assessment was neither incorrect nor against Income Tax Act provisions, the Pr. CIT could not substitute his view merely due to disagreement. The tribunal relied on Gabriel India Ltd. precedent and decided in favor of the assessee. Case-Laws Income Tax Thu, 29 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450319