https://www.taxtmi.com/caselaws?id=751168 The ITAT Surat quashed the CIT's revision order under section 263 regarding addition under section 68 for unexplained credit. The tribunal held that the AO had conducted detailed enquiries on unsecured loans and trade payables and taken a reasonable, plausible view. Following SC precedent in Shreeji Prints case, the tribunal ruled that when AO makes proper enquiries and accepts genuineness of transactions, such decisions cannot be considered erroneous or prejudicial to revenue interests. The CIT's different opinion alone was insufficient grounds for revision. Appeal decided in favor of assessee. en-us Fri, 05 Apr 2024 00:00:00 +0530 Mon, 08 Apr 2024 11:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751168 The ITAT Surat quashed the CIT's revision order under section 263 regarding addition under section 68 for unexplained credit. The tribunal held that the AO had conducted detailed enquiries on unsecured loans and trade payables and taken a reasonable, plausible view. Following SC precedent in Shreeji Prints case, the tribunal ruled that when AO makes proper enquiries and accepts genuineness of transactions, such decisions cannot be considered erroneous or prejudicial to revenue interests. The CIT's different opinion alone was insufficient grounds for revision. Appeal decided in favor of assessee. Case-Laws Income Tax Fri, 05 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751168