https://www.taxtmi.com/caselaws?id=313340 ITAT Surat allowed the assessee's appeal against CIT's revision order u/s 263. The case involved unexplained expenditure u/s 69C where assessee made credit card payments without showing business income. ITAT held that AO conducted proper inquiry during assessment proceedings, with assessee submitting required documents and explanations. The distinction between lack of inquiry and inadequate inquiry was emphasized. Since AO applied his mind and took a plausible view based on evidence, the order could not be termed erroneous or prejudicial to revenue interest, following SC precedent in Malabar Industries. en-us Mon, 22 Jan 2024 00:00:00 +0530 Mon, 08 Apr 2024 17:11:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313340 ITAT Surat allowed the assessee's appeal against CIT's revision order u/s 263. The case involved unexplained expenditure u/s 69C where assessee made credit card payments without showing business income. ITAT held that AO conducted proper inquiry during assessment proceedings, with assessee submitting required documents and explanations. The distinction between lack of inquiry and inadequate inquiry was emphasized. Since AO applied his mind and took a plausible view based on evidence, the order could not be termed erroneous or prejudicial to revenue interest, following SC precedent in Malabar Industries. Case-Laws Income Tax Mon, 22 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313340