https://www.taxtmi.com/caselaws?id=456104 ITAT Surat set aside Pr.CIT's revision order u/s 263 regarding Rs. 15.50 lacs cash seized during search. The tribunal found that while AO didn't investigate the seized cash issue, the same amount was already taxed in the director's hands for A.Y. 2014-15. Since the revenue had already recovered tax on this amount from the director and the company made corresponding accounting entries, the assessment order was not prejudicial to revenue interest. The twin conditions for revision u/s 263 were not satisfied, making the revision order invalid. en-us Wed, 21 Dec 2022 00:00:00 +0530 Fri, 28 Jun 2024 19:40:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456104 ITAT Surat set aside Pr.CIT's revision order u/s 263 regarding Rs. 15.50 lacs cash seized during search. The tribunal found that while AO didn't investigate the seized cash issue, the same amount was already taxed in the director's hands for A.Y. 2014-15. Since the revenue had already recovered tax on this amount from the director and the company made corresponding accounting entries, the assessment order was not prejudicial to revenue interest. The twin conditions for revision u/s 263 were not satisfied, making the revision order invalid. Case-Laws Income Tax Wed, 21 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456104