https://www.taxtmi.com/caselaws?id=755675 The ITAT PUNE-AT allowed the assessee's appeal against CIT's revision u/s 263 regarding on-money payment for shop purchase. The tribunal held that the AO conducted detailed enquiry and examination before passing the assessment order, making revision u/s 263 inappropriate. Additionally, since the shop was purchased by the assessee's spouse, not the assessee, any addition for on-money payment should be made in the spouse's hands. The tribunal emphasized that both conditions - order being erroneous and prejudicial to revenue - must be satisfied for invoking s.263 jurisdiction. en-us Wed, 10 Jul 2024 00:00:00 +0530 Wed, 17 Jul 2024 08:06:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755675 The ITAT PUNE-AT allowed the assessee's appeal against CIT's revision u/s 263 regarding on-money payment for shop purchase. The tribunal held that the AO conducted detailed enquiry and examination before passing the assessment order, making revision u/s 263 inappropriate. Additionally, since the shop was purchased by the assessee's spouse, not the assessee, any addition for on-money payment should be made in the spouse's hands. The tribunal emphasized that both conditions - order being erroneous and prejudicial to revenue - must be satisfied for invoking s.263 jurisdiction. Case-Laws Income Tax Wed, 10 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755675