https://www.taxtmi.com/caselaws?id=759608 Delhi HC dismissed the appeal in a revision case under Section 263. The CIT had validly invoked Section 263 powers after finding that the AO failed to verify facts regarding taxability of immovable property sale and made no inquiries about dishonored cheques worth Rs. 1,45,00,000. The court held that since the audit report predated the cheque dishonor and the AO accepted it without further verification, the assessment order was erroneous and prejudicial to revenue interests under Explanation 2(a) of Section 263. en-us Thu, 26 Sep 2024 00:00:00 +0530 Thu, 06 Feb 2025 13:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759608 Delhi HC dismissed the appeal in a revision case under Section 263. The CIT had validly invoked Section 263 powers after finding that the AO failed to verify facts regarding taxability of immovable property sale and made no inquiries about dishonored cheques worth Rs. 1,45,00,000. The court held that since the audit report predated the cheque dishonor and the AO accepted it without further verification, the assessment order was erroneous and prejudicial to revenue interests under Explanation 2(a) of Section 263. Case-Laws Income Tax Thu, 26 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759608