https://www.taxtmi.com/caselaws?id=769739 ITAT Ahmedabad allowed the assessee's appeal against PCIT's revision under section 263. PCIT had treated gold bar receipts as unexplained revenue in the assessee's capital account. The tribunal found that the assessee's mother, who owned substantial wealth from share sale capital gains and filed wealth tax returns, had legitimately transferred assets. Despite PCIT's concern that gold bar amount exceeded the will's prescribed limit, the tribunal noted all transactions were through banking channels with proper documentation and ledger accounts. No prejudice to revenue interests was established, making section 263 proceedings inappropriate. en-us Wed, 12 Mar 2025 00:00:00 +0530 Thu, 01 May 2025 08:46:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=769739 ITAT Ahmedabad allowed the assessee's appeal against PCIT's revision under section 263. PCIT had treated gold bar receipts as unexplained revenue in the assessee's capital account. The tribunal found that the assessee's mother, who owned substantial wealth from share sale capital gains and filed wealth tax returns, had legitimately transferred assets. Despite PCIT's concern that gold bar amount exceeded the will's prescribed limit, the tribunal noted all transactions were through banking channels with proper documentation and ledger accounts. No prejudice to revenue interests was established, making section 263 proceedings inappropriate. Case-Laws Income Tax Wed, 12 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=769739