https://www.taxtmi.com/caselaws?id=761929 ITAT Hyderabad upheld PCIT's revision u/s 263 regarding seized cash claimed as income from other sources. The assessee failed to provide contemporaneous evidence or details of persons from whom income was received. AO's failure to conduct necessary enquiry/verification rendered the assessment order erroneous and prejudicial to revenue interest. ITAT dismissed the appeal, confirming that section 263 invocation was justified due to inadequate verification by AO. en-us Wed, 06 Nov 2024 00:00:00 +0530 Wed, 20 Nov 2024 08:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761929 ITAT Hyderabad upheld PCIT's revision u/s 263 regarding seized cash claimed as income from other sources. The assessee failed to provide contemporaneous evidence or details of persons from whom income was received. AO's failure to conduct necessary enquiry/verification rendered the assessment order erroneous and prejudicial to revenue interest. ITAT dismissed the appeal, confirming that section 263 invocation was justified due to inadequate verification by AO. Case-Laws Income Tax Wed, 06 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761929