https://www.taxtmi.com/caselaws?id=751310 The ITAT Delhi ruled in favor of the assessee in a revision case under Section 263. The CIT questioned cash deposits in bank accounts during an assessment completed under Section 143(3) read with Section 147. The tribunal held that for exercising power under Section 263, the AO's order must be both erroneous and prejudicial to revenue interest. Since the AO made no addition regarding the reasons recorded in the Section 148 notice, and this position remained undisturbed by the CIT, the assessment order was not erroneous. Therefore, the CIT lacked jurisdiction to invoke Section 263 powers. en-us Wed, 03 Apr 2024 00:00:00 +0530 Sat, 13 Apr 2024 09:18:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751310 The ITAT Delhi ruled in favor of the assessee in a revision case under Section 263. The CIT questioned cash deposits in bank accounts during an assessment completed under Section 143(3) read with Section 147. The tribunal held that for exercising power under Section 263, the AO's order must be both erroneous and prejudicial to revenue interest. Since the AO made no addition regarding the reasons recorded in the Section 148 notice, and this position remained undisturbed by the CIT, the assessment order was not erroneous. Therefore, the CIT lacked jurisdiction to invoke Section 263 powers. Case-Laws Income Tax Wed, 03 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751310