https://www.taxtmi.com/caselaws?id=773980 The Appellate Tribunal dismissed the assessee's appeal against the PCIT's revision order under section 263. The AO had initially made additions of Rs. 4.23 crores under section 68 for unexplained cash credits, but subsequently deleted these additions through a rectification order under section 154. The Tribunal held that the AO exceeded jurisdiction by using rectification powers to delete substantive additions involving debatable issues of genuineness and creditworthiness. The PCIT's invocation of section 263 to cancel the erroneous rectification order and direct reassessment including Rs. 4.55 crores addition was upheld as valid and justified to protect Revenue's interest. en-us Fri, 27 Jun 2025 00:00:00 +0530 Mon, 30 Jun 2025 10:47:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=773980 The Appellate Tribunal dismissed the assessee's appeal against the PCIT's revision order under section 263. The AO had initially made additions of Rs. 4.23 crores under section 68 for unexplained cash credits, but subsequently deleted these additions through a rectification order under section 154. The Tribunal held that the AO exceeded jurisdiction by using rectification powers to delete substantive additions involving debatable issues of genuineness and creditworthiness. The PCIT's invocation of section 263 to cancel the erroneous rectification order and direct reassessment including Rs. 4.55 crores addition was upheld as valid and justified to protect Revenue's interest. Case-Laws Income Tax Fri, 27 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=773980