https://www.taxtmi.com/highlights?id=89032 ITAT held that the PCIT's revision order under Section 263 was invalid. The tribunal found no substantive evidence to support the claim of bogus purchases and determined that the Assessing Officer's original assessment was a plausible view. The PCIT's directions contradicted each other, with general instructions for de novo assessment conflicting with specific directions to tax 25% of alleged bogus purchases. Without invoking Explanation 2 to Section 263, the revision order lacked legal merit. The tribunal ultimately allowed the assessee's appeal, nullifying the PCIT's revision order and upholding the original assessment. en-us Tue, 03 Jun 2025 08:50:11 +0530 Tue, 03 Jun 2025 08:50:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=89032 ITAT held that the PCIT's revision order under Section 263 was invalid. The tribunal found no substantive evidence to support the claim of bogus purchases and determined that the Assessing Officer's original assessment was a plausible view. The PCIT's directions contradicted each other, with general instructions for de novo assessment conflicting with specific directions to tax 25% of alleged bogus purchases. Without invoking Explanation 2 to Section 263, the revision order lacked legal merit. The tribunal ultimately allowed the assessee's appeal, nullifying the PCIT's revision order and upholding the original assessment. Highlights Income Tax Tue, 03 Jun 2025 08:50:11 +0530 https://www.taxtmi.com/highlights?id=89032