https://www.taxtmi.com/caselaws?id=457165 ITAT Rajkot allowed the assessee's appeal and quashed the revision order passed under section 263. The case involved unexplained income from cash transactions where AO added 2.5% of cash transactions as unexplained income after reopening under section 148. PCIT revised the order claiming it was erroneous and prejudicial to revenue interest, arguing entire cash transactions should be added. ITAT held the revision was premature since assessee's appeal against AO's order was pending before CIT(A), and AO had examined all aspects after analyzing documents. The revision order was found unsustainable and quashed. en-us Wed, 31 Aug 2022 00:00:00 +0530 Mon, 09 Sep 2024 20:02:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457165 ITAT Rajkot allowed the assessee's appeal and quashed the revision order passed under section 263. The case involved unexplained income from cash transactions where AO added 2.5% of cash transactions as unexplained income after reopening under section 148. PCIT revised the order claiming it was erroneous and prejudicial to revenue interest, arguing entire cash transactions should be added. ITAT held the revision was premature since assessee's appeal against AO's order was pending before CIT(A), and AO had examined all aspects after analyzing documents. The revision order was found unsustainable and quashed. Case-Laws Income Tax Wed, 31 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457165