https://www.taxtmi.com/caselaws?id=775415 The ITAT RAJKOT held that the loan transaction in question was genuine, evidenced by banking channel transfers, interest payments, and TDS deductions. The revenue failed to prove any cash flow from the assessee to the lender or present incriminating material against the assessee. The AO conducted sufficient inquiry, and the PCIT's claim of inadequate inquiry did not justify invoking revision u/s 263. The impugned loan was repaid, and the assessee established identity, creditworthiness, and genuineness, rendering section 68 inapplicable. The AO's assessment was a plausible view and not prejudicial to the Revenue. The appeal was allowed, and the revision order directing fresh assessment was set aside. en-us Mon, 02 Jun 2025 00:00:00 +0530 Thu, 24 Jul 2025 11:00:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=775415 The ITAT RAJKOT held that the loan transaction in question was genuine, evidenced by banking channel transfers, interest payments, and TDS deductions. The revenue failed to prove any cash flow from the assessee to the lender or present incriminating material against the assessee. The AO conducted sufficient inquiry, and the PCIT's claim of inadequate inquiry did not justify invoking revision u/s 263. The impugned loan was repaid, and the assessee established identity, creditworthiness, and genuineness, rendering section 68 inapplicable. The AO's assessment was a plausible view and not prejudicial to the Revenue. The appeal was allowed, and the revision order directing fresh assessment was set aside. Case-Laws Income Tax Mon, 02 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=775415