https://www.taxtmi.com/caselaws?id=769855 ITAT Hyderabad upheld PCIT's revision under section 263 setting aside assessment order. Assessee purchased two properties but AO considered only one sale deed during assessment under sections 147 and 144B, ignoring the second property purchase despite available evidence. ITAT found AO failed to conduct proper inquiry as required, making the assessment erroneous and prejudicial to revenue interests. PCIT correctly exercised revisionary powers under section 263 with Explanation-2. Appeal dismissed. en-us Wed, 30 Apr 2025 00:00:00 +0530 Fri, 02 May 2025 08:54:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=769855 ITAT Hyderabad upheld PCIT's revision under section 263 setting aside assessment order. Assessee purchased two properties but AO considered only one sale deed during assessment under sections 147 and 144B, ignoring the second property purchase despite available evidence. ITAT found AO failed to conduct proper inquiry as required, making the assessment erroneous and prejudicial to revenue interests. PCIT correctly exercised revisionary powers under section 263 with Explanation-2. Appeal dismissed. Case-Laws Income Tax Wed, 30 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=769855