https://www.taxtmi.com/caselaws?id=763285 HC dismissed the revenue's appeal and upheld the Tribunal's order quashing the PCIT's revision under Section 263. The Tribunal had found, on detailed scrutiny, that the AO had conducted exhaustive inquiries regarding the assessee's dividend exemption claim and unsecured loans, and had rightly drawn no adverse inference. HC held that the PCIT's reliance on Explanation 2 to Section 263, alleging failure of inquiry or verification, was contrary to the record and without jurisdiction. Finding no perversity or substantial question of law, HC dismissed the appeal. en-us Wed, 27 Nov 2024 00:00:00 +0530 Wed, 26 Nov 2025 16:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763285 HC dismissed the revenue's appeal and upheld the Tribunal's order quashing the PCIT's revision under Section 263. The Tribunal had found, on detailed scrutiny, that the AO had conducted exhaustive inquiries regarding the assessee's dividend exemption claim and unsecured loans, and had rightly drawn no adverse inference. HC held that the PCIT's reliance on Explanation 2 to Section 263, alleging failure of inquiry or verification, was contrary to the record and without jurisdiction. Finding no perversity or substantial question of law, HC dismissed the appeal. Case-Laws Income Tax Wed, 27 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763285