https://www.taxtmi.com/caselaws?id=775109 SC dismissed special leave petition challenging HC judgment that upheld ITAT's decision setting aside PCIT's revision order u/s 263. The case involved unsecured loans where PCIT claimed AO failed to enquire about creditworthiness, identity of loan providers, and genuineness of transactions. HC found that AO had raised necessary queries regarding unsecured loans, was satisfied with assessee's details, and accepted identity, creditworthiness and genuineness of cash creditors, taking a plausible view under the Act while completing assessment u/s 143A r/w 143(3). ITAT correctly held that PCIT made only general observations without specific findings about what information AO failed to call for, and PCIT didn't comment on such information during revision proceedings before declaring assessment order erroneous and prejudicial to revenue interest. en-us Thu, 17 Jul 2025 00:00:00 +0530 Fri, 18 Jul 2025 12:58:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=775109 SC dismissed special leave petition challenging HC judgment that upheld ITAT's decision setting aside PCIT's revision order u/s 263. The case involved unsecured loans where PCIT claimed AO failed to enquire about creditworthiness, identity of loan providers, and genuineness of transactions. HC found that AO had raised necessary queries regarding unsecured loans, was satisfied with assessee's details, and accepted identity, creditworthiness and genuineness of cash creditors, taking a plausible view under the Act while completing assessment u/s 143A r/w 143(3). ITAT correctly held that PCIT made only general observations without specific findings about what information AO failed to call for, and PCIT didn't comment on such information during revision proceedings before declaring assessment order erroneous and prejudicial to revenue interest. Case-Laws Income Tax Thu, 17 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=775109