https://www.taxtmi.com/caselaws?id=757313 ITAT Surat ruled in favor of the assessee in a revision case under Section 263. The assessment was reopened due to alleged accommodation entry transactions with specific parties. The AO had issued notices, examined the assessee's replies and supporting documents, and passed an order accepting the returned income. The PCIT invoked Section 263 claiming the order was erroneous and prejudicial. ITAT held that the AO had conducted adequate inquiry and taken a considered view, distinguishing between lack of inquiry and inadequate inquiry, and ruled the PCIT's revision was unjustified. en-us Tue, 13 Aug 2024 00:00:00 +0530 Thu, 22 Aug 2024 09:08:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757313 ITAT Surat ruled in favor of the assessee in a revision case under Section 263. The assessment was reopened due to alleged accommodation entry transactions with specific parties. The AO had issued notices, examined the assessee's replies and supporting documents, and passed an order accepting the returned income. The PCIT invoked Section 263 claiming the order was erroneous and prejudicial. ITAT held that the AO had conducted adequate inquiry and taken a considered view, distinguishing between lack of inquiry and inadequate inquiry, and ruled the PCIT's revision was unjustified. Case-Laws Income Tax Tue, 13 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757313