https://www.taxtmi.com/caselaws?id=451291 The ITAT Delhi allowed the assessee's appeal against CIT's revision order u/s 263. The CIT had held that the AO erred by accepting the source of cash investment during limited scrutiny proceedings. The assessee filed a presumptive income return, and the AO's limited scrutiny focused on whether investment and income from security transactions were properly disclosed. The ITAT found the CIT's conclusion that the AO lacked diligence was erroneous, noting the CIT merely substituted his own view without identifying specific errors. The revision order was deemed invalid as it failed to establish the assessment was both erroneous and prejudicial to revenue interests. en-us Thu, 21 Mar 2024 00:00:00 +0530 Sat, 23 Mar 2024 08:25:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=451291 The ITAT Delhi allowed the assessee's appeal against CIT's revision order u/s 263. The CIT had held that the AO erred by accepting the source of cash investment during limited scrutiny proceedings. The assessee filed a presumptive income return, and the AO's limited scrutiny focused on whether investment and income from security transactions were properly disclosed. The ITAT found the CIT's conclusion that the AO lacked diligence was erroneous, noting the CIT merely substituted his own view without identifying specific errors. The revision order was deemed invalid as it failed to establish the assessment was both erroneous and prejudicial to revenue interests. Case-Laws Income Tax Thu, 21 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=451291