https://www.taxtmi.com/caselaws?id=770054 ITAT Ahmedabad allowed assessee's appeal against CIT revision u/s 263. The case involved reassessment of unsecured loan transaction where assessee voluntarily offered loan write-off as income under "Other Income" head. AO accepted returned income without addition. PCIT invoked revision claiming order was erroneous and prejudicial to revenue. ITAT held that since assessee voluntarily offered amount for taxation, there was no prejudice to revenue interest. PCIT failed to demonstrate how reassessment order was erroneous without proper verification of records and evidence. Revision proceedings lacked legal basis and were quashed. 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=770054 ITAT Ahmedabad allowed assessee's appeal against CIT revision u/s 263. The case involved reassessment of unsecured loan transaction where assessee voluntarily offered loan write-off as income under "Other Income" head. AO accepted returned income without addition. PCIT invoked revision claiming order was erroneous and prejudicial to revenue. ITAT held that since assessee voluntarily offered amount for taxation, there was no prejudice to revenue interest. PCIT failed to demonstrate how reassessment order was erroneous without proper verification of records and evidence. Revision proceedings lacked legal basis and were quashed. Case-Laws Income Tax Tue, 25 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=770054