https://www.taxtmi.com/caselaws?id=755486 ITAT Raipur dismissed the assessee's appeal challenging revision u/s 263 by Pr. CIT. The AO had noted conflicting sales figures - Rs. 4,24,67,351 per chart versus disclosed figures - but failed to conduct necessary enquiries or verification. Pr. CIT correctly assumed jurisdiction under Explanation 2 to Section 263, finding the assessment order erroneous and prejudicial to revenue interest due to AO's failure to investigate the discrepancy in aggregate sales figures. The matter was set aside for readjudication with proper opportunity to the assessee. en-us Wed, 24 Jan 2024 00:00:00 +0530 Sat, 13 Jul 2024 08:21:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755486 ITAT Raipur dismissed the assessee's appeal challenging revision u/s 263 by Pr. CIT. The AO had noted conflicting sales figures - Rs. 4,24,67,351 per chart versus disclosed figures - but failed to conduct necessary enquiries or verification. Pr. CIT correctly assumed jurisdiction under Explanation 2 to Section 263, finding the assessment order erroneous and prejudicial to revenue interest due to AO's failure to investigate the discrepancy in aggregate sales figures. The matter was set aside for readjudication with proper opportunity to the assessee. Case-Laws Income Tax Wed, 24 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755486