https://www.taxtmi.com/caselaws?id=773291 ITAT Delhi quashed PCIT's revision order u/s 263, holding that AO's assessment was not erroneous or prejudicial to revenue. The tribunal found that withdrawals from capital account cannot be treated as income, assessee provided complete books of accounts which were properly examined by AO, and PCIT failed to establish adequate grounds for revision. The tribunal ruled that transactions involving sundry creditors/receivables, inter-company dealings, and bank charges were properly verified during original assessment proceedings, making the revision order legally unsustainable. en-us Wed, 18 Jun 2025 00:00:00 +0530 Fri, 20 Jun 2025 08:34:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=773291 ITAT Delhi quashed PCIT's revision order u/s 263, holding that AO's assessment was not erroneous or prejudicial to revenue. The tribunal found that withdrawals from capital account cannot be treated as income, assessee provided complete books of accounts which were properly examined by AO, and PCIT failed to establish adequate grounds for revision. The tribunal ruled that transactions involving sundry creditors/receivables, inter-company dealings, and bank charges were properly verified during original assessment proceedings, making the revision order legally unsustainable. Case-Laws Income Tax Wed, 18 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=773291