https://www.taxtmi.com/caselaws?id=759134 ITAT Mumbai upheld PCIT's revision order u/s 263 regarding unsecured loans. AO failed to properly verify unsecured loan creditors and arbitrarily added back only 10% without basis or applying Section 68. Despite assessee's inability to submit relevant verification documents, AO's lack of proper inquiry rendered the assessment erroneous and prejudicial to revenue interest. The tribunal distinguished the case from Accumax Lab Devices, noting AO's complete ignorance regarding verification requirements. Assessee's appeal was dismissed as mere document submission insufficient under Section 263. en-us Tue, 10 Sep 2024 00:00:00 +0530 Tue, 24 Sep 2024 12:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759134 ITAT Mumbai upheld PCIT's revision order u/s 263 regarding unsecured loans. AO failed to properly verify unsecured loan creditors and arbitrarily added back only 10% without basis or applying Section 68. Despite assessee's inability to submit relevant verification documents, AO's lack of proper inquiry rendered the assessment erroneous and prejudicial to revenue interest. The tribunal distinguished the case from Accumax Lab Devices, noting AO's complete ignorance regarding verification requirements. Assessee's appeal was dismissed as mere document submission insufficient under Section 263. Case-Laws Income Tax Tue, 10 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759134