https://www.taxtmi.com/caselaws?id=758236 ITAT Chennai quashed CIT's revision order under section 263. During search operations, cash and jewellery were seized from assessee who provided sworn statement and offered additional business income of Rs. 70.60 lakhs to cover shortfall. AO accepted the explanation after due inquiry. ITAT held that AO took plausible view with proper application of mind, and CIT cannot invoke revisional powers merely because of different opinion. Appeal allowed in favor of assessee. en-us Tue, 03 Sep 2024 00:00:00 +0530 Mon, 09 Sep 2024 14:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758236 ITAT Chennai quashed CIT's revision order under section 263. During search operations, cash and jewellery were seized from assessee who provided sworn statement and offered additional business income of Rs. 70.60 lakhs to cover shortfall. AO accepted the explanation after due inquiry. ITAT held that AO took plausible view with proper application of mind, and CIT cannot invoke revisional powers merely because of different opinion. Appeal allowed in favor of assessee. Case-Laws Income Tax Tue, 03 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758236