https://www.taxtmi.com/caselaws?id=769260 The HC upheld the assessee's position regarding a large property investment transaction. The assessee purchased a building from a cotton mill company for Rs. 11,41,07,130/- through bank loans, with proper documentation including registered purchase agreement and bank statements. The AO conducted due verification and completed assessment after considering all explanations. The PCIT's revision u/s 263 was challenged, claiming inadequate verification by the AO. However, the HC found that proper verification was conducted by the AO, including CASS point verification. The court ruled against the revenue, determining the substantial questions of law in favor of the assessee. en-us Wed, 16 Apr 2025 00:00:00 +0530 Wed, 23 Apr 2025 09:08:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=769260 The HC upheld the assessee's position regarding a large property investment transaction. The assessee purchased a building from a cotton mill company for Rs. 11,41,07,130/- through bank loans, with proper documentation including registered purchase agreement and bank statements. The AO conducted due verification and completed assessment after considering all explanations. The PCIT's revision u/s 263 was challenged, claiming inadequate verification by the AO. However, the HC found that proper verification was conducted by the AO, including CASS point verification. The court ruled against the revenue, determining the substantial questions of law in favor of the assessee. Case-Laws Income Tax Wed, 16 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=769260