https://www.taxtmi.com/caselaws?id=450738 ITAT Visakhapatnam dismissed the assessee's appeal against PCIT's revision order u/s 263. The case involved bogus expenditure claims for sub-contract payments made to former employees who previously worked as supervisors/garage in-charge for monthly salaries. The AO accepted these claims without proper inquiry or verification of the sub-contractors' genuineness. PCIT correctly found the assessment order u/s 143(3) erroneous and prejudicial to revenue interests due to inadequate examination. The tribunal upheld PCIT's revision proceedings as justified. en-us Thu, 29 Feb 2024 00:00:00 +0530 Tue, 12 Mar 2024 08:55:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450738 ITAT Visakhapatnam dismissed the assessee's appeal against PCIT's revision order u/s 263. The case involved bogus expenditure claims for sub-contract payments made to former employees who previously worked as supervisors/garage in-charge for monthly salaries. The AO accepted these claims without proper inquiry or verification of the sub-contractors' genuineness. PCIT correctly found the assessment order u/s 143(3) erroneous and prejudicial to revenue interests due to inadequate examination. The tribunal upheld PCIT's revision proceedings as justified. Case-Laws Income Tax Thu, 29 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450738