https://www.taxtmi.com/caselaws?id=456871 The ITAT Delhi held that CIT(E) erred in invoking revision powers under section 263. The AO had made adequate enquiries regarding corpus donations by issuing specific notices and examining assessee's responses. CIT(E) incorrectly concluded that corpus donations remained unverified due to lack of enquiry. Regarding unsecured loans, AO properly examined evidence and concluded Rs. 2 lacs remained unexplained. CIT(E) failed to identify any specific error in the assessment order, merely alleging lack of enquiry. Revision under section 263 requires demonstrable error in the assessment order, not mere difference of opinion on enquiry methods. Appeal decided in favor of assessee. en-us Fri, 15 Mar 2024 00:00:00 +0530 Wed, 21 Aug 2024 19:54:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456871 The ITAT Delhi held that CIT(E) erred in invoking revision powers under section 263. The AO had made adequate enquiries regarding corpus donations by issuing specific notices and examining assessee's responses. CIT(E) incorrectly concluded that corpus donations remained unverified due to lack of enquiry. Regarding unsecured loans, AO properly examined evidence and concluded Rs. 2 lacs remained unexplained. CIT(E) failed to identify any specific error in the assessment order, merely alleging lack of enquiry. Revision under section 263 requires demonstrable error in the assessment order, not mere difference of opinion on enquiry methods. Appeal decided in favor of assessee. Case-Laws Income Tax Fri, 15 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456871