https://www.taxtmi.com/caselaws?id=765281 ITAT Chandigarh quashed PCIT's revision order u/s 263 on both legal and merit grounds. The tribunal held that the second show cause notice dated 17.2.2022 raising new issues was time-barred, exceeding the two-year limitation period from the assessment year end. On merits, regarding unexplained investment in immovable property and ICICI Bank account deposits, the tribunal found that AO had conducted adequate enquiries during original assessment proceedings u/s 148, with specific queries raised and documentary evidence furnished. The tribunal concluded that AO was aware of all issues and made necessary enquiries, making the revision proceedings legally invalid. Assessee's appeal was allowed. en-us Mon, 20 Jan 2025 00:00:00 +0530 Mon, 23 Feb 2026 12:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765281 ITAT Chandigarh quashed PCIT's revision order u/s 263 on both legal and merit grounds. The tribunal held that the second show cause notice dated 17.2.2022 raising new issues was time-barred, exceeding the two-year limitation period from the assessment year end. On merits, regarding unexplained investment in immovable property and ICICI Bank account deposits, the tribunal found that AO had conducted adequate enquiries during original assessment proceedings u/s 148, with specific queries raised and documentary evidence furnished. The tribunal concluded that AO was aware of all issues and made necessary enquiries, making the revision proceedings legally invalid. Assessee's appeal was allowed. Case-Laws Income Tax Mon, 20 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765281