https://www.taxtmi.com/caselaws?id=757533 The ITAT Delhi held that the PCIT's revision order u/s 263 was beyond jurisdiction and void ab initio. The AO had examined all issues including share application money, related party transactions u/s 40A(2), freight expenses, and verification of creditors/debtors during original assessment proceedings, deciding in favor of the assessee. The PCIT failed to identify any documentary flaws or provide reasons for concluding the assessment was erroneous and prejudicial to revenue interests. The tribunal ruled that Explanation 2 to section 263 does not grant unfettered power to re-examine issues already examined by the AO. The assessee's appeal was allowed and the revision order was set aside. en-us Fri, 23 Aug 2024 00:00:00 +0530 Wed, 28 Aug 2024 09:06:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757533 The ITAT Delhi held that the PCIT's revision order u/s 263 was beyond jurisdiction and void ab initio. The AO had examined all issues including share application money, related party transactions u/s 40A(2), freight expenses, and verification of creditors/debtors during original assessment proceedings, deciding in favor of the assessee. The PCIT failed to identify any documentary flaws or provide reasons for concluding the assessment was erroneous and prejudicial to revenue interests. The tribunal ruled that Explanation 2 to section 263 does not grant unfettered power to re-examine issues already examined by the AO. The assessee's appeal was allowed and the revision order was set aside. Case-Laws Income Tax Fri, 23 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757533