https://www.taxtmi.com/caselaws?id=756414 The Jharkhand HC allowed the Revenue's appeal in a revision under Section 263 concerning addition of unsecured loans. The court held that the assessment order was erroneous and prejudicial to revenue interests due to the AO's failure to verify creditworthiness of depositors and conduct proper inquiries regarding the source and introduction of capital. The court distinguished this from a mere change of opinion, finding it was a case of inadequate verification. Citing SC precedents in Rampyari Devi Sarawagi and Tara Devi Agarwal, the court ruled that accepting unearned sums as genuine without proper inquiry renders the assessment erroneous and prejudicial to revenue. en-us Tue, 13 Feb 2024 00:00:00 +0530 Thu, 01 Aug 2024 17:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756414 The Jharkhand HC allowed the Revenue's appeal in a revision under Section 263 concerning addition of unsecured loans. The court held that the assessment order was erroneous and prejudicial to revenue interests due to the AO's failure to verify creditworthiness of depositors and conduct proper inquiries regarding the source and introduction of capital. The court distinguished this from a mere change of opinion, finding it was a case of inadequate verification. Citing SC precedents in Rampyari Devi Sarawagi and Tara Devi Agarwal, the court ruled that accepting unearned sums as genuine without proper inquiry renders the assessment erroneous and prejudicial to revenue. Case-Laws Income Tax Tue, 13 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756414