https://www.taxtmi.com/caselaws?id=768945 ITAT Ahmedabad upheld PCIT's revision order u/s 263 directing AO to reexamine provision for loans to joint venture and impairment loss claims. The original assessment was vitiated due to complete absence of inquiry on material items substantially affecting taxable income determination. ITAT clarified it was not adjudicating allowability on merits but found AO failed to verify explanations and accounting entries during original assessment. The revisionary order was valid without jurisdictional or procedural infirmity. Assessee's appeal dismissed. en-us Tue, 08 Apr 2025 00:00:00 +0530 Wed, 16 Apr 2025 08:38:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768945 ITAT Ahmedabad upheld PCIT's revision order u/s 263 directing AO to reexamine provision for loans to joint venture and impairment loss claims. The original assessment was vitiated due to complete absence of inquiry on material items substantially affecting taxable income determination. ITAT clarified it was not adjudicating allowability on merits but found AO failed to verify explanations and accounting entries during original assessment. The revisionary order was valid without jurisdictional or procedural infirmity. Assessee's appeal dismissed. Case-Laws Income Tax Tue, 08 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768945