https://www.taxtmi.com/caselaws?id=779419 ITAT, Ahmedabad quashed the revision under section 263, holding the assessing officer's view as plausible and the assessment not erroneous. The tribunal found the memorandum of understanding and deed were cancelled and the cheque amount refunded, so there was no demonstrable escapement of income warranting revision despite suspicion that cancellation followed a search. On the facts, any alleged cash component would likely have been returned on cancellation. Revision by the principal commissioner was unsustainable and the assessee's appeal was allowed. en-us Thu, 25 Sep 2025 00:00:00 +0530 Mon, 06 Oct 2025 09:10:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=779419 ITAT, Ahmedabad quashed the revision under section 263, holding the assessing officer's view as plausible and the assessment not erroneous. The tribunal found the memorandum of understanding and deed were cancelled and the cheque amount refunded, so there was no demonstrable escapement of income warranting revision despite suspicion that cancellation followed a search. On the facts, any alleged cash component would likely have been returned on cancellation. Revision by the principal commissioner was unsustainable and the assessee's appeal was allowed. Case-Laws Income Tax Thu, 25 Sep 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=779419