https://www.taxtmi.com/caselaws?id=451229 ITAT Chennai allowed the assessee's appeal and quashed the PCIT's revision order under section 263. The PCIT had revised the assessment claiming the AO failed to examine increase in share capital. However, ITAT found that while PCIT relied on the original balance sheet, the AO had properly accepted the corrected balance sheet filed during assessment proceedings. The assessee had admitted differentials between original and rectified balance sheets and provided adequate explanations. ITAT concluded the assessment order was neither erroneous nor prejudicial to revenue interests since the AO had verified complete details and obtained necessary information from the assessee on various dates. en-us Wed, 20 Mar 2024 00:00:00 +0530 Fri, 22 Mar 2024 08:37:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=451229 ITAT Chennai allowed the assessee's appeal and quashed the PCIT's revision order under section 263. The PCIT had revised the assessment claiming the AO failed to examine increase in share capital. However, ITAT found that while PCIT relied on the original balance sheet, the AO had properly accepted the corrected balance sheet filed during assessment proceedings. The assessee had admitted differentials between original and rectified balance sheets and provided adequate explanations. ITAT concluded the assessment order was neither erroneous nor prejudicial to revenue interests since the AO had verified complete details and obtained necessary information from the assessee on various dates. Case-Laws Income Tax Wed, 20 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=451229