https://www.taxtmi.com/caselaws?id=750958 The ITAT Dehradun quashed the PCIT's revision order under section 263. The PCIT had found the assessment order erroneous and prejudicial to revenue interests due to alleged non-examination of sundry creditors' genuineness and allowing 80IC deductions without proper scrutiny. The ITAT held that the AO had conducted adequate due diligence, regularly called for information, and received appropriate responses including audit reports justifying deduction claims. The PCIT's conclusion lacked proper examination of available assessment records and detailed explanations provided by the assessee. The tribunal ruled that mere allegations of insufficient investigation cannot justify invoking section 263 provisions, deciding in favor of the assessee. en-us Thu, 28 Mar 2024 00:00:00 +0530 Thu, 04 Apr 2024 08:20:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=750958 The ITAT Dehradun quashed the PCIT's revision order under section 263. The PCIT had found the assessment order erroneous and prejudicial to revenue interests due to alleged non-examination of sundry creditors' genuineness and allowing 80IC deductions without proper scrutiny. The ITAT held that the AO had conducted adequate due diligence, regularly called for information, and received appropriate responses including audit reports justifying deduction claims. The PCIT's conclusion lacked proper examination of available assessment records and detailed explanations provided by the assessee. The tribunal ruled that mere allegations of insufficient investigation cannot justify invoking section 263 provisions, deciding in favor of the assessee. Case-Laws Income Tax Thu, 28 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=750958