https://www.taxtmi.com/caselaws?id=764266 The HC upheld the CIT's revision order u/s 263, finding the AO's assessment erroneous and prejudicial to revenue. The AO failed to verify the assessee's explanation regarding mutual fund/share investments during assessment proceedings. Post-assessment audit objections highlighted this lack of verification. The HC ruled that ITAT incorrectly interfered with the CIT's order, emphasizing that audit objections constitute valid grounds for s. 263 proceedings when they reveal factual errors or omissions in assessment. The revision was deemed justified based on inadequate inquiry by the AO. en-us Tue, 19 Nov 2024 00:00:00 +0530 Tue, 07 Jan 2025 17:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764266 The HC upheld the CIT's revision order u/s 263, finding the AO's assessment erroneous and prejudicial to revenue. The AO failed to verify the assessee's explanation regarding mutual fund/share investments during assessment proceedings. Post-assessment audit objections highlighted this lack of verification. The HC ruled that ITAT incorrectly interfered with the CIT's order, emphasizing that audit objections constitute valid grounds for s. 263 proceedings when they reveal factual errors or omissions in assessment. The revision was deemed justified based on inadequate inquiry by the AO. Case-Laws Income Tax Tue, 19 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764266