https://www.taxtmi.com/caselaws?id=750869 ITAT Ranchi quashed CIT's revision order u/s 263 regarding unsecured loan, stock differences, and late PF/ESI payments. The tribunal held that CIT failed to establish the assessment order was erroneous and prejudicial to revenue. While CIT cited inadequate enquiry, the assessee had provided relevant details and documentary evidence during proceedings. The tribunal emphasized that both conditions - order being erroneous and prejudicial to revenue - must be satisfied for invoking s.263. Since the issues were factual and verifiable from records already examined by AO during assessment, and CIT couldn't demonstrate clear error warranting revision, the order was set aside in favor of the assessee. en-us Thu, 29 Feb 2024 00:00:00 +0530 Tue, 02 Apr 2024 08:08:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=750869 ITAT Ranchi quashed CIT's revision order u/s 263 regarding unsecured loan, stock differences, and late PF/ESI payments. The tribunal held that CIT failed to establish the assessment order was erroneous and prejudicial to revenue. While CIT cited inadequate enquiry, the assessee had provided relevant details and documentary evidence during proceedings. The tribunal emphasized that both conditions - order being erroneous and prejudicial to revenue - must be satisfied for invoking s.263. Since the issues were factual and verifiable from records already examined by AO during assessment, and CIT couldn't demonstrate clear error warranting revision, the order was set aside in favor of the assessee. Case-Laws Income Tax Thu, 29 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=750869