https://www.taxtmi.com/caselaws?id=456372 The ITAT Rajkot upheld the PCIT's revision under Section 263, finding the AO's assessment order erroneous and prejudicial to revenue interests. The case involved unexplained investments in equity shares and unsecured loans where investors showed immediate bank credits without plausible explanation before investing in the assessee company. The ITAT held that the AO failed to conduct adequate enquiry into the source of investments, merely accepting the assessee's version without proper scrutiny. Citing precedents including Umesh Krishnani and Malabar Industrial Co. Ltd., the tribunal confirmed that lack of proper investigation warranted revision proceedings. The appeal was decided against the assessee. en-us Wed, 18 Oct 2023 00:00:00 +0530 Wed, 08 Jul 2026 11:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456372 The ITAT Rajkot upheld the PCIT's revision under Section 263, finding the AO's assessment order erroneous and prejudicial to revenue interests. The case involved unexplained investments in equity shares and unsecured loans where investors showed immediate bank credits without plausible explanation before investing in the assessee company. The ITAT held that the AO failed to conduct adequate enquiry into the source of investments, merely accepting the assessee's version without proper scrutiny. Citing precedents including Umesh Krishnani and Malabar Industrial Co. Ltd., the tribunal confirmed that lack of proper investigation warranted revision proceedings. The appeal was decided against the assessee. Case-Laws Income Tax Wed, 18 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456372