https://www.taxtmi.com/caselaws?id=770433 ITAT Delhi allowed the assessee's appeal against PCIT's revision order u/s 263. The tribunal held that the AO had conducted adequate enquiries regarding payment to DLF Commercial Project Corporation from land sale proceeds, contrary to PCIT's assertion of erroneous assessment. The tribunal found no prejudice to revenue interest as all parties had properly disclosed their respective shares in tax returns. PCIT failed to demonstrate how the original assessment order was erroneous beyond making unsupported statements. The revision jurisdiction under section 263 cannot be invoked for revenue-neutral exercises where no actual loss occurs to the exchequer. en-us Wed, 07 May 2025 00:00:00 +0530 Sat, 10 May 2025 08:36:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=770433 ITAT Delhi allowed the assessee's appeal against PCIT's revision order u/s 263. The tribunal held that the AO had conducted adequate enquiries regarding payment to DLF Commercial Project Corporation from land sale proceeds, contrary to PCIT's assertion of erroneous assessment. The tribunal found no prejudice to revenue interest as all parties had properly disclosed their respective shares in tax returns. PCIT failed to demonstrate how the original assessment order was erroneous beyond making unsupported statements. The revision jurisdiction under section 263 cannot be invoked for revenue-neutral exercises where no actual loss occurs to the exchequer. Case-Laws Income Tax Wed, 07 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=770433