https://www.taxtmi.com/caselaws?id=757394 The ITAT Ahmedabad allowed the assessee's appeal against the PCIT's revision order under Section 263. The PCIT had set aside the AO's assessment order claiming inadequate inquiry into accommodation entries based on INSIGHT portal information. The ITAT held that mere information from the INSIGHT portal cannot constitute evidence for assuming jurisdiction under Section 263, especially when the assessee provided detailed explanations and evidence showing transactions pertained to another entity. The PCIT failed to identify specific errors in the assessee's explanations or demonstrate that the AO's order was erroneous and prejudicial to revenue interests, making the revision unjustified. en-us Thu, 25 Jul 2024 00:00:00 +0530 Fri, 23 Aug 2024 20:34:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757394 The ITAT Ahmedabad allowed the assessee's appeal against the PCIT's revision order under Section 263. The PCIT had set aside the AO's assessment order claiming inadequate inquiry into accommodation entries based on INSIGHT portal information. The ITAT held that mere information from the INSIGHT portal cannot constitute evidence for assuming jurisdiction under Section 263, especially when the assessee provided detailed explanations and evidence showing transactions pertained to another entity. The PCIT failed to identify specific errors in the assessee's explanations or demonstrate that the AO's order was erroneous and prejudicial to revenue interests, making the revision unjustified. Case-Laws Income Tax Thu, 25 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757394