https://www.taxtmi.com/caselaws?id=771445 Delhi HC upheld PCIT's order u/s 263 directing AO to verify genuineness of sundry creditors' transactions. AO had passed assessment without conducting enquiries or verification of 70 sundry creditor entries. DCIT's verification of one entry revealed it was bogus, prompting s.263 proceedings. ITAT's finding that AO's order didn't mention bogus entries was held erroneous since non-verification was precisely the ground for revision. HC ruled PCIT correctly exercised revisional jurisdiction as assessment was erroneous and prejudicial to revenue's interest. Time limits under s.153 don't apply to assessments giving effect to s.263 directions. Decision favored revenue. en-us Tue, 13 May 2025 00:00:00 +0530 Mon, 26 May 2025 08:52:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=771445 Delhi HC upheld PCIT's order u/s 263 directing AO to verify genuineness of sundry creditors' transactions. AO had passed assessment without conducting enquiries or verification of 70 sundry creditor entries. DCIT's verification of one entry revealed it was bogus, prompting s.263 proceedings. ITAT's finding that AO's order didn't mention bogus entries was held erroneous since non-verification was precisely the ground for revision. HC ruled PCIT correctly exercised revisional jurisdiction as assessment was erroneous and prejudicial to revenue's interest. Time limits under s.153 don't apply to assessments giving effect to s.263 directions. Decision favored revenue. Case-Laws Income Tax Tue, 13 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=771445