https://www.taxtmi.com/caselaws?id=762919 ITAT Nagpur quashed PCIT's revision order under section 263, ruling that AO's order was not erroneous. The AO had properly examined all details including bank statements and income sources after issuing notice to assessee, before making additions under section 56(2)(vii)(b). ITAT found AO conducted thorough inquiry considering all facts and evidence presented by assessee before determining income escapement. The tribunal concluded PCIT's invocation of revisional jurisdiction was inappropriate as AO's order was neither erroneous nor prejudicial to revenue interests. Assessee's appeal was allowed. en-us Fri, 06 Dec 2024 00:00:00 +0530 Tue, 10 Dec 2024 08:58:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762919 ITAT Nagpur quashed PCIT's revision order under section 263, ruling that AO's order was not erroneous. The AO had properly examined all details including bank statements and income sources after issuing notice to assessee, before making additions under section 56(2)(vii)(b). ITAT found AO conducted thorough inquiry considering all facts and evidence presented by assessee before determining income escapement. The tribunal concluded PCIT's invocation of revisional jurisdiction was inappropriate as AO's order was neither erroneous nor prejudicial to revenue interests. Assessee's appeal was allowed. Case-Laws Income Tax Fri, 06 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762919