https://www.taxtmi.com/caselaws?id=761874 The ITAT Amritsar allowed the assessee's appeal against revision u/s 263 by PCIT. The tribunal held that the assessee maintained separate books of accounts for eligible and non-eligible units using SAP software, with proper records submitted to AO and TPO. The AO had conducted detailed enquiry and examination during assessment u/s 143(3). The PCIT's invocation of section 263 was based solely on audit objections without independent application of mind, which was held to be bad in law. Revenue failed to demonstrate how the AO's order was erroneous or prejudicial to revenue interests, as all requisite documents were properly verified by authorities. en-us Wed, 09 Oct 2024 00:00:00 +0530 Mon, 18 Nov 2024 15:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761874 The ITAT Amritsar allowed the assessee's appeal against revision u/s 263 by PCIT. The tribunal held that the assessee maintained separate books of accounts for eligible and non-eligible units using SAP software, with proper records submitted to AO and TPO. The AO had conducted detailed enquiry and examination during assessment u/s 143(3). The PCIT's invocation of section 263 was based solely on audit objections without independent application of mind, which was held to be bad in law. Revenue failed to demonstrate how the AO's order was erroneous or prejudicial to revenue interests, as all requisite documents were properly verified by authorities. Case-Laws Income Tax Wed, 09 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761874