https://www.taxtmi.com/caselaws?id=771944 ITAT Pune upheld CIT's revision order u/s 263 regarding addition u/s 68 for unsecured loans. The AO failed to adequately verify genuineness of loans worth crores from lenders declaring meager income, completing assessment without proper inquiry or application of mind. The tribunal found no infirmity in CIT's jurisdiction invocation, noting that without such provisions, assessing officers could conduct inadequate inquiries. The assessee's appeal was dismissed as the assessment order was passed without due verification despite suspicious circumstances of substantial loans from low-income lenders. en-us Wed, 28 May 2025 00:00:00 +0530 Thu, 29 May 2025 17:42:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=771944 ITAT Pune upheld CIT's revision order u/s 263 regarding addition u/s 68 for unsecured loans. The AO failed to adequately verify genuineness of loans worth crores from lenders declaring meager income, completing assessment without proper inquiry or application of mind. The tribunal found no infirmity in CIT's jurisdiction invocation, noting that without such provisions, assessing officers could conduct inadequate inquiries. The assessee's appeal was dismissed as the assessment order was passed without due verification despite suspicious circumstances of substantial loans from low-income lenders. Case-Laws Income Tax Wed, 28 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=771944