https://www.taxtmi.com/caselaws?id=766824 ITAT Chandigarh dismissed revision u/s 263 filed by PCIT against assessee's assessment order. The case involved cash deposits in bank account during assessment year, with AO issuing notice u/s 148 based on information received. PCIT alleged assessment order was erroneous and prejudicial. ITAT held that AO followed due process, conducted proper enquiries, examined documents including land transaction agreements, and verified bank statements. The land transaction of Rs. 4.5 lakh was genuine as amount was returned, creating nil cash flow impact. Assessment order was well-merited with proper verification, hence not erroneous or prejudicial under Section 263. Appeal decided in favor of assessee. en-us Thu, 21 Nov 2024 00:00:00 +0530 Tue, 04 Mar 2025 21:08:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766824 ITAT Chandigarh dismissed revision u/s 263 filed by PCIT against assessee's assessment order. The case involved cash deposits in bank account during assessment year, with AO issuing notice u/s 148 based on information received. PCIT alleged assessment order was erroneous and prejudicial. ITAT held that AO followed due process, conducted proper enquiries, examined documents including land transaction agreements, and verified bank statements. The land transaction of Rs. 4.5 lakh was genuine as amount was returned, creating nil cash flow impact. Assessment order was well-merited with proper verification, hence not erroneous or prejudicial under Section 263. Appeal decided in favor of assessee. Case-Laws Income Tax Thu, 21 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766824