https://www.taxtmi.com/caselaws?id=774520 ITAT Bangalore quashed CIT's revision order u/s 263 that deemed AO's reassessment order u/s 147 r/w 144B as erroneous and prejudicial to revenue interests. The tribunal found AO conducted complete enquiry u/s 142(1), verified debtor details, compared purchase/sales data, and examined cash deposits across three banks. Since subsequent reassessment also accepted returned income and PCIT failed to establish any error or invoke Explanation-2 of section 263, the revision order was unsustainable. Assessee's appeal allowed. en-us Fri, 16 May 2025 00:00:00 +0530 Thu, 10 Jul 2025 08:39:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=774520 ITAT Bangalore quashed CIT's revision order u/s 263 that deemed AO's reassessment order u/s 147 r/w 144B as erroneous and prejudicial to revenue interests. The tribunal found AO conducted complete enquiry u/s 142(1), verified debtor details, compared purchase/sales data, and examined cash deposits across three banks. Since subsequent reassessment also accepted returned income and PCIT failed to establish any error or invoke Explanation-2 of section 263, the revision order was unsustainable. Assessee's appeal allowed. Case-Laws Income Tax Fri, 16 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=774520