https://www.taxtmi.com/caselaws?id=757411 ITAT Ahmedabad upheld CIT's revision u/s 263 regarding property investment source verification. AO failed to conduct proper enquiries into loan transactions for property acquisition, accepting documents without verification. AO did not examine interest payments, TDS deductions, or genuineness of loans from lenders. Bank statements showed assessee lacked personal funds for payments. CIT correctly found AO's order erroneous and prejudicial to revenue interest due to inadequate investigation and non-application of mind. Appeal decided against assessee. en-us Wed, 14 Aug 2024 00:00:00 +0530 Sat, 24 Aug 2024 09:04:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757411 ITAT Ahmedabad upheld CIT's revision u/s 263 regarding property investment source verification. AO failed to conduct proper enquiries into loan transactions for property acquisition, accepting documents without verification. AO did not examine interest payments, TDS deductions, or genuineness of loans from lenders. Bank statements showed assessee lacked personal funds for payments. CIT correctly found AO's order erroneous and prejudicial to revenue interest due to inadequate investigation and non-application of mind. Appeal decided against assessee. Case-Laws Income Tax Wed, 14 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757411