https://www.taxtmi.com/caselaws?id=462983 The ITAT Rajkot held that the PCIT erred in revising the assessment under section 263 by treating opening balances and trade creditors as unexplained credits under section 68 read with section 115BBE. The assessee demonstrated that the amounts were brought forward from earlier years and supported by sufficient evidence proving the genuineness and source of the credits. The PCIT failed to controvert these factual assertions. Consequently, the revision order was found to be erroneous and prejudicial to the assessee. The ITAT dismissed the PCIT's revision and allowed the assessee's appeal. en-us Fri, 21 Apr 2023 00:00:00 +0530 Tue, 29 Jul 2025 20:09:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462983 The ITAT Rajkot held that the PCIT erred in revising the assessment under section 263 by treating opening balances and trade creditors as unexplained credits under section 68 read with section 115BBE. The assessee demonstrated that the amounts were brought forward from earlier years and supported by sufficient evidence proving the genuineness and source of the credits. The PCIT failed to controvert these factual assertions. Consequently, the revision order was found to be erroneous and prejudicial to the assessee. The ITAT dismissed the PCIT's revision and allowed the assessee's appeal. Case-Laws Income Tax Fri, 21 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462983