https://www.taxtmi.com/caselaws?id=750906 The ITAT Chandigarh quashed the PCIT's revision order under Section 263, ruling in favor of the assessee. The court held that the AO had conducted proper enquiries regarding bogus purchases and made appropriate additions based on profit margins embedded in the transactions. The PCIT erroneously concluded there was lack of enquiry when the AO had made all necessary investigations, including issuing summons and verifying with Market Committee. Regarding sundry creditors and partner payments, the court found the PCIT's observations were based on misconceptions as adequate verification had been conducted and consistency with previous years' assessments was maintained. en-us Mon, 04 Mar 2024 00:00:00 +0530 Tue, 02 Apr 2024 17:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=750906 The ITAT Chandigarh quashed the PCIT's revision order under Section 263, ruling in favor of the assessee. The court held that the AO had conducted proper enquiries regarding bogus purchases and made appropriate additions based on profit margins embedded in the transactions. The PCIT erroneously concluded there was lack of enquiry when the AO had made all necessary investigations, including issuing summons and verifying with Market Committee. Regarding sundry creditors and partner payments, the court found the PCIT's observations were based on misconceptions as adequate verification had been conducted and consistency with previous years' assessments was maintained. Case-Laws Income Tax Mon, 04 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=750906