https://www.taxtmi.com/caselaws?id=756009 ITAT Ahmedabad allowed the assessee's appeal and quashed the PCIT's revision order u/s 263. The tribunal held that for exercising revisionary powers u/s 263, the order must be both erroneous and prejudicial to revenue interests. The AO had conducted adequate inquiry verifying identity, creditworthiness, and genuineness of transactions u/s 68. The PCIT failed to demonstrate that AO's investigation was insufficient or resulted in erroneous assessment. The tribunal concluded that inadequate inquiry alone doesn't justify revision unless it causes prejudicial outcome for revenue, and the AO's order was neither erroneous nor prejudicial. en-us Tue, 23 Jul 2024 00:00:00 +0530 Thu, 25 Jul 2024 08:05:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756009 ITAT Ahmedabad allowed the assessee's appeal and quashed the PCIT's revision order u/s 263. The tribunal held that for exercising revisionary powers u/s 263, the order must be both erroneous and prejudicial to revenue interests. The AO had conducted adequate inquiry verifying identity, creditworthiness, and genuineness of transactions u/s 68. The PCIT failed to demonstrate that AO's investigation was insufficient or resulted in erroneous assessment. The tribunal concluded that inadequate inquiry alone doesn't justify revision unless it causes prejudicial outcome for revenue, and the AO's order was neither erroneous nor prejudicial. Case-Laws Income Tax Tue, 23 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756009