https://www.taxtmi.com/caselaws?id=758334 The ITAT Ahmedabad allowed the assessee's appeal against revision u/s 263 regarding addition u/s 68 for gift received. The AO had conducted thorough enquiry through notice u/s 142(1) regarding capital increase, where assessee provided details of sister's NRE account, bank statements, and gift receipt. The AO made necessary disallowances during assessment u/s 143(3). PCIT's revision was held unjustifiable as AO had conducted detailed enquiry and taken plausible view. Following Shreeji Prints SC precedent, when AO conducts detailed enquiry and takes plausible view, it cannot be considered erroneous and prejudicial to revenue interest, making s.263 invocation improper. en-us Mon, 09 Sep 2024 00:00:00 +0530 Wed, 11 Sep 2024 15:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758334 The ITAT Ahmedabad allowed the assessee's appeal against revision u/s 263 regarding addition u/s 68 for gift received. The AO had conducted thorough enquiry through notice u/s 142(1) regarding capital increase, where assessee provided details of sister's NRE account, bank statements, and gift receipt. The AO made necessary disallowances during assessment u/s 143(3). PCIT's revision was held unjustifiable as AO had conducted detailed enquiry and taken plausible view. Following Shreeji Prints SC precedent, when AO conducts detailed enquiry and takes plausible view, it cannot be considered erroneous and prejudicial to revenue interest, making s.263 invocation improper. Case-Laws Income Tax Mon, 09 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758334