https://www.taxtmi.com/caselaws?id=766635 ITAT Raipur quashed PCIT's revision order u/s 263 regarding unexplained money u/s 69A. Assessee's assessment was reopened u/s 147 for cash deposits totaling Rs. 16 lac made in 92 installments. AO issued notices u/s 142(1), received explanations, and accepted returned income. PCIT initiated revision claiming AO failed to conduct proper inquiry. ITAT held AO made specific inquiries, received necessary information, and took plausible view. Since AO applied mind and conducted adequate examination before accepting explanations, revision u/s 263 was unjustified. Order quashed, appeal allowed. en-us Thu, 22 Aug 2024 00:00:00 +0530 Sat, 01 Mar 2025 08:25:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766635 ITAT Raipur quashed PCIT's revision order u/s 263 regarding unexplained money u/s 69A. Assessee's assessment was reopened u/s 147 for cash deposits totaling Rs. 16 lac made in 92 installments. AO issued notices u/s 142(1), received explanations, and accepted returned income. PCIT initiated revision claiming AO failed to conduct proper inquiry. ITAT held AO made specific inquiries, received necessary information, and took plausible view. Since AO applied mind and conducted adequate examination before accepting explanations, revision u/s 263 was unjustified. Order quashed, appeal allowed. Case-Laws Income Tax Thu, 22 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766635