https://www.taxtmi.com/caselaws?id=751892 The ITAT set aside the revision order issued by the CIT(Exemptions) u/s 263 for the assessment year 2017-18. The Tribunal determined that the AO conducted adequate inquiries into unsecured loans, thus quashing the revision on that ground. Additionally, the Tribunal found the depreciation issue non-prejudicial due to income exemption u/s 10(23C)(iiiad). The Tribunal also quashed the revision order due to procedural violations, including lack of a show cause notice for new issues raised by the Commissioner. Consequently, the appeal by the assessee was allowed. en-us Thu, 25 Apr 2024 00:00:00 +0530 Mon, 29 Apr 2024 07:30:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751892 The ITAT set aside the revision order issued by the CIT(Exemptions) u/s 263 for the assessment year 2017-18. The Tribunal determined that the AO conducted adequate inquiries into unsecured loans, thus quashing the revision on that ground. Additionally, the Tribunal found the depreciation issue non-prejudicial due to income exemption u/s 10(23C)(iiiad). The Tribunal also quashed the revision order due to procedural violations, including lack of a show cause notice for new issues raised by the Commissioner. Consequently, the appeal by the assessee was allowed. Case-Laws Income Tax Thu, 25 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751892