https://www.taxtmi.com/caselaws?id=752434 The ITAT Kolkata ruled in favor of the assessee, holding that the Pr. CIT's revision order u/s 263 was unjustified. The Pr. CIT had set aside an assessment order u/s 147 r.w.s 143(3) claiming it was erroneous and prejudicial to revenue interest due to inadequate inquiry into alleged accommodation entries. The ITAT found that the Pr. CIT failed to identify specific errors in the assessee's explanations, did not examine evidence properly, and made only general observations about requiring further inquiries. The tribunal emphasized that simply feeling more investigation was needed cannot justify setting aside an assessment order, as this would lead to endless litigation without finality. en-us Tue, 07 May 2024 00:00:00 +0530 Thu, 09 May 2024 16:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752434 The ITAT Kolkata ruled in favor of the assessee, holding that the Pr. CIT's revision order u/s 263 was unjustified. The Pr. CIT had set aside an assessment order u/s 147 r.w.s 143(3) claiming it was erroneous and prejudicial to revenue interest due to inadequate inquiry into alleged accommodation entries. The ITAT found that the Pr. CIT failed to identify specific errors in the assessee's explanations, did not examine evidence properly, and made only general observations about requiring further inquiries. The tribunal emphasized that simply feeling more investigation was needed cannot justify setting aside an assessment order, as this would lead to endless litigation without finality. Case-Laws Income Tax Tue, 07 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752434