https://www.taxtmi.com/caselaws?id=772042 ITAT Mumbai allowed the assessee's appeal against PCIT's revision order u/s 263 regarding bogus purchases. The tribunal held that the assessment order u/s 147 r/w 144B was not erroneous or prejudicial to revenue interests. PCIT failed to conduct adequate inquiry or invoke Explanation 2 to Section 263, while directing contradictory actions - both general inquiry and specific taxation of 25% bogus purchases. The tribunal ruled that the AO's view was plausible and cannot be revised merely because PCIT disagreed with it. en-us Fri, 30 May 2025 00:00:00 +0530 Tue, 03 Jun 2025 08:50:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=772042 ITAT Mumbai allowed the assessee's appeal against PCIT's revision order u/s 263 regarding bogus purchases. The tribunal held that the assessment order u/s 147 r/w 144B was not erroneous or prejudicial to revenue interests. PCIT failed to conduct adequate inquiry or invoke Explanation 2 to Section 263, while directing contradictory actions - both general inquiry and specific taxation of 25% bogus purchases. The tribunal ruled that the AO's view was plausible and cannot be revised merely because PCIT disagreed with it. Case-Laws Income Tax Fri, 30 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=772042