https://www.taxtmi.com/caselaws?id=758869 ITAT Chennai quashed PCIT's revision order under section 263, ruling that the reassessment was not erroneous or prejudicial to revenue interests. The tribunal held that since the AO had raised queries regarding NSEL commodity transactions and bad debt provisions during original assessment proceedings, and the assessee had responded, the AO was deemed to have accepted the submissions. Following Bombay HC precedents in Marico Ltd. and GKN Sinter Metals Ltd., the tribunal found that complete verification had occurred during reassessment proceedings under sections 147 and 144B, with the assessee providing detailed responses to questionnaires. The appeal was allowed. en-us Wed, 14 Aug 2024 00:00:00 +0530 Thu, 19 Sep 2024 10:21:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758869 ITAT Chennai quashed PCIT's revision order under section 263, ruling that the reassessment was not erroneous or prejudicial to revenue interests. The tribunal held that since the AO had raised queries regarding NSEL commodity transactions and bad debt provisions during original assessment proceedings, and the assessee had responded, the AO was deemed to have accepted the submissions. Following Bombay HC precedents in Marico Ltd. and GKN Sinter Metals Ltd., the tribunal found that complete verification had occurred during reassessment proceedings under sections 147 and 144B, with the assessee providing detailed responses to questionnaires. The appeal was allowed. Case-Laws Income Tax Wed, 14 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758869