https://www.taxtmi.com/caselaws?id=759570 The ITAT Ahmedabad quashed the PCIT's revision order u/s 263, finding it unjustified. The case involved alleged on-money payments for property purchase based on seized documents. The PCIT claimed the AO's assessment was erroneous for insufficient inquiry. However, the Tribunal held that the AO had conducted proper inquiry, examining documentary evidence including sale deed, bank statements, and payment confirmations. The assessee's name did not appear in incriminating documents, and consistent denial of on-money payments was supported by evidence. Unlike contradictory cases, here the AO's assessment was based on plausible view after proper examination of relevant materials, making Section 263 invocation unwarranted. Appeals allowed. en-us Tue, 10 Sep 2024 00:00:00 +0530 Thu, 03 Oct 2024 10:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759570 The ITAT Ahmedabad quashed the PCIT's revision order u/s 263, finding it unjustified. The case involved alleged on-money payments for property purchase based on seized documents. The PCIT claimed the AO's assessment was erroneous for insufficient inquiry. However, the Tribunal held that the AO had conducted proper inquiry, examining documentary evidence including sale deed, bank statements, and payment confirmations. The assessee's name did not appear in incriminating documents, and consistent denial of on-money payments was supported by evidence. Unlike contradictory cases, here the AO's assessment was based on plausible view after proper examination of relevant materials, making Section 263 invocation unwarranted. Appeals allowed. Case-Laws Income Tax Tue, 10 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759570