https://www.taxtmi.com/caselaws?id=768037 ITAT Lucknow quashed PCIT's revision order u/s 263 challenging AO's assessment of liquor trader during demonetization period. PCIT alleged inadequate inquiry regarding genuineness of cash deposits in old currency notes, license details, purchase verification, and creditor examination. ITAT held AO conducted substantial inquiries - verified purchases through Form 26AS, examined closing stock, reviewed books of accounts for license fees, and analyzed profit ratios. Court noted liquor trade's controlled nature makes sales verification through bills impractical, with sales determinable from purchase-stock reconciliation. ITAT concluded AO's assessment was neither erroneous nor prejudicial to revenue, restoring original assessment order and allowing assessee's appeal. en-us Wed, 26 Mar 2025 00:00:00 +0530 Sat, 29 Mar 2025 08:15:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768037 ITAT Lucknow quashed PCIT's revision order u/s 263 challenging AO's assessment of liquor trader during demonetization period. PCIT alleged inadequate inquiry regarding genuineness of cash deposits in old currency notes, license details, purchase verification, and creditor examination. ITAT held AO conducted substantial inquiries - verified purchases through Form 26AS, examined closing stock, reviewed books of accounts for license fees, and analyzed profit ratios. Court noted liquor trade's controlled nature makes sales verification through bills impractical, with sales determinable from purchase-stock reconciliation. ITAT concluded AO's assessment was neither erroneous nor prejudicial to revenue, restoring original assessment order and allowing assessee's appeal. Case-Laws Income Tax Wed, 26 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768037