https://www.taxtmi.com/caselaws?id=770055 The ITAT Ahmedabad dismissed the assessee's appeal against the Principal CIT's revision order under section 263. The tribunal upheld the Principal CIT's decision to set aside the reassessment order, directing the AO to treat certain amounts as undisclosed income. The tribunal found the AO had failed to consider material aspects while passing the assessment order. The tribunal confirmed that Principal CIT has suo moto powers under section 263 to enhance assessments and direct fresh assessments when deemed appropriate. The penalty imposed under section 271(1)(c) was also upheld. en-us Tue, 25 Mar 2025 00:00:00 +0530 Tue, 06 May 2025 09:58:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=770055 The ITAT Ahmedabad dismissed the assessee's appeal against the Principal CIT's revision order under section 263. The tribunal upheld the Principal CIT's decision to set aside the reassessment order, directing the AO to treat certain amounts as undisclosed income. The tribunal found the AO had failed to consider material aspects while passing the assessment order. The tribunal confirmed that Principal CIT has suo moto powers under section 263 to enhance assessments and direct fresh assessments when deemed appropriate. The penalty imposed under section 271(1)(c) was also upheld. Case-Laws Income Tax Tue, 25 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=770055