https://www.taxtmi.com/caselaws?id=754325 The ITAT Delhi held that the PCIT's revision u/s 263 was unjustified as the AO had conducted proper inquiry regarding cash deposits during demonetization and scrap sales disclosure. The tribunal found that the PCIT mechanically initiated proceedings without properly examining assessment records. Evidence showed the AO issued notices u/s 142(1) and 143(2), maintained proper order-sheet entries, and received assessee's replies. The audited financial statements clearly showed scrap sales were disclosed. Since the twin conditions of assessment being erroneous and prejudicial to revenue were not satisfied, the revision was invalid. Appeal decided in favor of assessee. en-us Tue, 18 Jun 2024 00:00:00 +0530 Fri, 21 Jun 2024 08:17:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754325 The ITAT Delhi held that the PCIT's revision u/s 263 was unjustified as the AO had conducted proper inquiry regarding cash deposits during demonetization and scrap sales disclosure. The tribunal found that the PCIT mechanically initiated proceedings without properly examining assessment records. Evidence showed the AO issued notices u/s 142(1) and 143(2), maintained proper order-sheet entries, and received assessee's replies. The audited financial statements clearly showed scrap sales were disclosed. Since the twin conditions of assessment being erroneous and prejudicial to revenue were not satisfied, the revision was invalid. Appeal decided in favor of assessee. Case-Laws Income Tax Tue, 18 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754325