https://www.taxtmi.com/caselaws?id=765891 ITAT AMRITSAR allowed the appeal and set aside the PCIT's revision under s.263. The Tribunal found the AO had made proper enquiry, examined invoices, impounded papers and stock, and reasonably concluded the surrendered amounts arose from the assessee's cosmetics business rather than unexplained investments. Valuation at cost reduced the alleged excess and any tax computed under s.115BBE would be covered by tax already paid. The revision was held unjustified, the AO's order was not erroneous or prejudicial to revenue, and the s.263 order was quashed. en-us Thu, 09 Jan 2025 00:00:00 +0530 Mon, 22 Sep 2025 11:19:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765891 ITAT AMRITSAR allowed the appeal and set aside the PCIT's revision under s.263. The Tribunal found the AO had made proper enquiry, examined invoices, impounded papers and stock, and reasonably concluded the surrendered amounts arose from the assessee's cosmetics business rather than unexplained investments. Valuation at cost reduced the alleged excess and any tax computed under s.115BBE would be covered by tax already paid. The revision was held unjustified, the AO's order was not erroneous or prejudicial to revenue, and the s.263 order was quashed. Case-Laws Income Tax Thu, 09 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765891