https://www.taxtmi.com/caselaws?id=759478 ITAT Ahmedabad allowed the assessee's appeal against PCIT's revision order u/s 263 regarding on-money payment for immovable property purchase. The tribunal held that the AO conducted adequate enquiry and the assessment order was neither erroneous nor prejudicial to revenue interest. PCIT failed to provide specific findings showing AO's error. The tribunal noted that incriminating material (excel-sheet) found during search lacked signature and corroborative evidence. Following Gujarat HC precedent in PCIT v. Kaushik Nanubhai Majithia, mere presence of assessee's name in developer's unsigned document without proof of actual payment was insufficient basis for proceedings. en-us Thu, 29 Aug 2024 00:00:00 +0530 Thu, 03 Oct 2024 07:50:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759478 ITAT Ahmedabad allowed the assessee's appeal against PCIT's revision order u/s 263 regarding on-money payment for immovable property purchase. The tribunal held that the AO conducted adequate enquiry and the assessment order was neither erroneous nor prejudicial to revenue interest. PCIT failed to provide specific findings showing AO's error. The tribunal noted that incriminating material (excel-sheet) found during search lacked signature and corroborative evidence. Following Gujarat HC precedent in PCIT v. Kaushik Nanubhai Majithia, mere presence of assessee's name in developer's unsigned document without proof of actual payment was insufficient basis for proceedings. Case-Laws Income Tax Thu, 29 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759478