https://www.taxtmi.com/caselaws?id=766217 ITAT Mumbai allowed the assessee's appeal against revision order under section 263. The tribunal held that the AO had conducted adequate enquiries regarding excess stock issues during assessment proceedings under section 143(3), making queries and scrutinizing submissions rather than accepting them summarily. The revision power under section 263 can only be exercised in gross cases of inadequate inquiry, not merely because the Pr. CIT disagrees with the AO's conclusions. Since twin conditions of the order being both erroneous and prejudicial to revenue were not satisfied, the revision order was set aside as invalid. en-us Tue, 18 Feb 2025 00:00:00 +0530 Thu, 20 Feb 2025 08:02:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766217 ITAT Mumbai allowed the assessee's appeal against revision order under section 263. The tribunal held that the AO had conducted adequate enquiries regarding excess stock issues during assessment proceedings under section 143(3), making queries and scrutinizing submissions rather than accepting them summarily. The revision power under section 263 can only be exercised in gross cases of inadequate inquiry, not merely because the Pr. CIT disagrees with the AO's conclusions. Since twin conditions of the order being both erroneous and prejudicial to revenue were not satisfied, the revision order was set aside as invalid. Case-Laws Income Tax Tue, 18 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766217