https://www.taxtmi.com/caselaws?id=768026 The ITAT Surat upheld the PCIT's revision order under section 263, finding the AO's assessment order erroneous and prejudicial to revenue. The AO failed to conduct proper inquiry regarding TDS compliance on expenses exceeding Rs. 31 crore under sections 194C, 194J, and 192, and did not examine the blank TDS columns in the audit report. The tribunal modified the PCIT's direction to disallow 30% of expenses, instructing the AO to verify TDS requirements on daily wages and labor charges based on threshold limits. Regarding property income classification, the tribunal upheld the addition under section 50C as the 9.02% variation between stamp duty value and sale consideration exceeded the applicable 5% tolerance limit for AY 2018-19. The appeal was partly allowed. en-us Wed, 19 Feb 2025 00:00:00 +0530 Sat, 29 Mar 2025 08:15:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768026 The ITAT Surat upheld the PCIT's revision order under section 263, finding the AO's assessment order erroneous and prejudicial to revenue. The AO failed to conduct proper inquiry regarding TDS compliance on expenses exceeding Rs. 31 crore under sections 194C, 194J, and 192, and did not examine the blank TDS columns in the audit report. The tribunal modified the PCIT's direction to disallow 30% of expenses, instructing the AO to verify TDS requirements on daily wages and labor charges based on threshold limits. Regarding property income classification, the tribunal upheld the addition under section 50C as the 9.02% variation between stamp duty value and sale consideration exceeded the applicable 5% tolerance limit for AY 2018-19. The appeal was partly allowed. Case-Laws Income Tax Wed, 19 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768026