https://www.taxtmi.com/caselaws?id=759067 ITAT Ahmedabad allowed the assessee's appeals against CIT's revision order u/s 263. The tribunal held that the AO had already conducted detailed inquiry into credit entries in bank accounts during reassessment proceedings and properly considered all relevant facts while framing the assessment order. Since the AO's conclusions were supported by evidence and no legal infirmity or factual error causing revenue loss was demonstrated, the assessment order could not be termed erroneous or prejudicial to revenue interests, making revision u/s 263 unjustified. en-us Fri, 30 Aug 2024 00:00:00 +0530 Mon, 23 Sep 2024 18:49:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759067 ITAT Ahmedabad allowed the assessee's appeals against CIT's revision order u/s 263. The tribunal held that the AO had already conducted detailed inquiry into credit entries in bank accounts during reassessment proceedings and properly considered all relevant facts while framing the assessment order. Since the AO's conclusions were supported by evidence and no legal infirmity or factual error causing revenue loss was demonstrated, the assessment order could not be termed erroneous or prejudicial to revenue interests, making revision u/s 263 unjustified. Case-Laws Income Tax Fri, 30 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759067