https://www.taxtmi.com/caselaws?id=769748 ITAT Rajkot quashed PCIT's revision order u/s 263 challenging assessment on unsecured interest-free loans to family members and notional rent income. Tribunal found assessing officer had conducted detailed inquiry through s.142(1) notice covering 25 points including loan justifications. Assessee provided comprehensive explanations of transactions and balances. Court held no under-assessment occurred as interest-free customer deposits covered partner advances, and completion certificates for properties were recent, falling within cooling period. Citing SC precedents, Tribunal ruled revision invalid when assessing officer made proper inquiries and adopted permissible legal view. Assessee's appeal allowed. en-us Mon, 28 Apr 2025 00:00:00 +0530 Thu, 01 May 2025 08:46:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=769748 ITAT Rajkot quashed PCIT's revision order u/s 263 challenging assessment on unsecured interest-free loans to family members and notional rent income. Tribunal found assessing officer had conducted detailed inquiry through s.142(1) notice covering 25 points including loan justifications. Assessee provided comprehensive explanations of transactions and balances. Court held no under-assessment occurred as interest-free customer deposits covered partner advances, and completion certificates for properties were recent, falling within cooling period. Citing SC precedents, Tribunal ruled revision invalid when assessing officer made proper inquiries and adopted permissible legal view. Assessee's appeal allowed. Case-Laws Income Tax Mon, 28 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=769748