https://www.taxtmi.com/caselaws?id=463940 ITAT Nagpur held the revision under section 263 invalid because the assessment under section 143(3) read with 153A was passed after prior approval under section 153D, so the Commissioner erred in revising the AO's order. Consequently the addition under section 68 was quashed and the revision order set aside for lack of legal foundation. The appeal succeeded; the Tribunal accepted the taxpayer's explanation of loan sources and found that suspicious circumstances alone did not justify treating receipts as unexplained income. en-us Mon, 29 Jul 2024 00:00:00 +0530 Mon, 22 Sep 2025 13:25:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=463940 ITAT Nagpur held the revision under section 263 invalid because the assessment under section 143(3) read with 153A was passed after prior approval under section 153D, so the Commissioner erred in revising the AO's order. Consequently the addition under section 68 was quashed and the revision order set aside for lack of legal foundation. The appeal succeeded; the Tribunal accepted the taxpayer's explanation of loan sources and found that suspicious circumstances alone did not justify treating receipts as unexplained income. Case-Laws Income Tax Mon, 29 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=463940