https://www.taxtmi.com/caselaws?id=755739 The ITAT Cuttack quashed a revision order under section 263 passed by the CIT. The CIT had alleged that the AO failed to examine accumulation issues and differential interest income taxation in depth. The tribunal found that the AO had specifically queried both issues during original assessment proceedings, which were answered with documentary evidence verified through the Faceless Assessment Verification Unit. The tribunal held that the CIT's order constituted a fishing enquiry into matters already examined by the AO, noting no specific error prejudicing revenue interests. The tribunal concluded the AO had applied proper mind and the revision was impermissible. en-us Mon, 15 Jul 2024 00:00:00 +0530 Thu, 18 Jul 2024 06:54:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755739 The ITAT Cuttack quashed a revision order under section 263 passed by the CIT. The CIT had alleged that the AO failed to examine accumulation issues and differential interest income taxation in depth. The tribunal found that the AO had specifically queried both issues during original assessment proceedings, which were answered with documentary evidence verified through the Faceless Assessment Verification Unit. The tribunal held that the CIT's order constituted a fishing enquiry into matters already examined by the AO, noting no specific error prejudicing revenue interests. The tribunal concluded the AO had applied proper mind and the revision was impermissible. Case-Laws Income Tax Mon, 15 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755739