https://www.taxtmi.com/caselaws?id=779159 ITAT (Chandigarh) quashed the revision under s.263 and allowed the appeal, holding that the taxpayer satisfactorily proved purchase transactions totaling Rs.2.50 lakhs and Rs.1.70 lakhs by documentary bank evidence and affidavit, and adequately explained the corresponding sales. The Tribunal found the claim of exemption under s.10(38) to be within law, that the AO had conducted proper enquiry and reached a lawful conclusion, and that the revision caused no prejudice to revenue. en-us Mon, 20 Jan 2025 00:00:00 +0530 Tue, 30 Sep 2025 08:30:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=779159 ITAT (Chandigarh) quashed the revision under s.263 and allowed the appeal, holding that the taxpayer satisfactorily proved purchase transactions totaling Rs.2.50 lakhs and Rs.1.70 lakhs by documentary bank evidence and affidavit, and adequately explained the corresponding sales. The Tribunal found the claim of exemption under s.10(38) to be within law, that the AO had conducted proper enquiry and reached a lawful conclusion, and that the revision caused no prejudice to revenue. Case-Laws Income Tax Mon, 20 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=779159