https://www.taxtmi.com/caselaws?id=766425 ITAT Pune upheld CIT's revision order under section 263, finding the AO's assessment erroneous and prejudicial to revenue interests. The AO failed to inquire into payments made by an employee for machinery supply despite receiving specific information. The tripartite MoU was merely notarized, not registered. ITAT rejected the assessee's argument that sections 12AA and 10(23C)(via) exemptions made the inquiry irrelevant, emphasizing that proper examination requires due application of mind regardless of potential tax impact. The assessee's appeal was dismissed. en-us Thu, 20 Feb 2025 00:00:00 +0530 Tue, 25 Feb 2025 08:24:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766425 ITAT Pune upheld CIT's revision order under section 263, finding the AO's assessment erroneous and prejudicial to revenue interests. The AO failed to inquire into payments made by an employee for machinery supply despite receiving specific information. The tripartite MoU was merely notarized, not registered. ITAT rejected the assessee's argument that sections 12AA and 10(23C)(via) exemptions made the inquiry irrelevant, emphasizing that proper examination requires due application of mind regardless of potential tax impact. The assessee's appeal was dismissed. Case-Laws Income Tax Thu, 20 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766425