https://www.taxtmi.com/caselaws?id=756762 ITAT Ahmedabad allowed assessee's appeal against PCIT's revision order u/s 263. The case involved cash payment for immovable property purchase where AO accepted declared income and passed assessment order u/s 147 r.w.s. 144. While ITAT agreed PCIT could assume jurisdiction u/s 263 due to AO's inadequate inquiry and failure to provide documentary evidence for reopening assessment, it found PCIT's action of setting aside AO's order unwarranted. ITAT held that mere suspicion without conclusive proof that AO's order was erroneous and prejudicial to revenue interests was insufficient to invoke Section 263. The revision order was set aside. en-us Tue, 06 Aug 2024 00:00:00 +0530 Thu, 08 Aug 2024 09:12:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756762 ITAT Ahmedabad allowed assessee's appeal against PCIT's revision order u/s 263. The case involved cash payment for immovable property purchase where AO accepted declared income and passed assessment order u/s 147 r.w.s. 144. While ITAT agreed PCIT could assume jurisdiction u/s 263 due to AO's inadequate inquiry and failure to provide documentary evidence for reopening assessment, it found PCIT's action of setting aside AO's order unwarranted. ITAT held that mere suspicion without conclusive proof that AO's order was erroneous and prejudicial to revenue interests was insufficient to invoke Section 263. The revision order was set aside. Case-Laws Income Tax Tue, 06 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756762