https://www.taxtmi.com/caselaws?id=759432 The ITAT Delhi upheld the CIT's revision order under section 263, finding the AO's assessment under section 147 r.w.s. 144B erroneous and prejudicial to revenue interest. The AO failed to conduct proper inquiry and verification after reopening the case, merely accepting the returned income without investigating the genuineness of transactions. The tribunal rejected arguments that the PCIT lacked application of mind and that the assessment order was invalid for revision purposes. The court emphasized that an AO must conduct detailed enquiry when reopening assessments, and failure to do so renders the order erroneous regardless of whether additions were made. The assessee's appeal was dismissed. en-us Fri, 27 Sep 2024 00:00:00 +0530 Mon, 30 Sep 2024 14:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759432 The ITAT Delhi upheld the CIT's revision order under section 263, finding the AO's assessment under section 147 r.w.s. 144B erroneous and prejudicial to revenue interest. The AO failed to conduct proper inquiry and verification after reopening the case, merely accepting the returned income without investigating the genuineness of transactions. The tribunal rejected arguments that the PCIT lacked application of mind and that the assessment order was invalid for revision purposes. The court emphasized that an AO must conduct detailed enquiry when reopening assessments, and failure to do so renders the order erroneous regardless of whether additions were made. The assessee's appeal was dismissed. Case-Laws Income Tax Fri, 27 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759432