https://www.taxtmi.com/caselaws?id=772379 ITAT Pune upheld PCIT's revision u/s 263 regarding provisions for VPI and doubtful debts. Tax auditor reported these provisions as contingent liabilities in audit report. AO only added back VPI provision but ignored doubtful debt provision during assessment without seeking explanation from assessee. Since both provisions were contingent in nature per tax auditor's clear finding, they should have been added to taxable income. AO's failure to examine this issue despite clear audit report disclosure made the assessment order erroneous and prejudicial to revenue interests, justifying PCIT's revision jurisdiction. en-us Thu, 05 Jun 2025 00:00:00 +0530 Sat, 07 Jun 2025 08:32:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=772379 ITAT Pune upheld PCIT's revision u/s 263 regarding provisions for VPI and doubtful debts. Tax auditor reported these provisions as contingent liabilities in audit report. AO only added back VPI provision but ignored doubtful debt provision during assessment without seeking explanation from assessee. Since both provisions were contingent in nature per tax auditor's clear finding, they should have been added to taxable income. AO's failure to examine this issue despite clear audit report disclosure made the assessment order erroneous and prejudicial to revenue interests, justifying PCIT's revision jurisdiction. Case-Laws Income Tax Thu, 05 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=772379