https://www.taxtmi.com/caselaws?id=772172 ITAT Chennai quashed PCIT's revision order u/s 263 regarding alleged unsecured loan receipts from an individual. The assessee maintained properly audited books showing no entries or bank transactions with the alleged lender. During reassessment proceedings, the assessee denied receiving any accommodation entries and produced complete records. The Tribunal held that without tangible evidence in books or bank statements proving actual receipt of funds, revision proceedings based on mere suspicion were legally untenable. The burden shifted to Revenue to prove the transaction existed after assessee demonstrated absence of such entries. Following precedent from ITAT Ahmedabad in similar circumstances, the revision order was quashed in favor of the assessee. en-us Wed, 01 Jan 2025 00:00:00 +0530 Thu, 05 Jun 2025 08:25:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=772172 ITAT Chennai quashed PCIT's revision order u/s 263 regarding alleged unsecured loan receipts from an individual. The assessee maintained properly audited books showing no entries or bank transactions with the alleged lender. During reassessment proceedings, the assessee denied receiving any accommodation entries and produced complete records. The Tribunal held that without tangible evidence in books or bank statements proving actual receipt of funds, revision proceedings based on mere suspicion were legally untenable. The burden shifted to Revenue to prove the transaction existed after assessee demonstrated absence of such entries. Following precedent from ITAT Ahmedabad in similar circumstances, the revision order was quashed in favor of the assessee. Case-Laws Income Tax Wed, 01 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=772172