https://www.taxtmi.com/caselaws?id=465164 ITAT set aside the revision order u/s 263 passed by Pr. CIT against the assessee, a non-filer assessed on best judgment basis. The AO had examined multiple bank accounts, noted regular deposits and withdrawals, and, based on enquiries revealing grocery and finance business, treated credits as business receipts and estimated income on a presumptive basis. ITAT held that the AO conducted adequate enquiry, adopted a plausible view, and his order was neither erroneous nor prejudicial to the interests of the Revenue. Consequently, the preconditions for invoking s.263, including Explanation 2, were not satisfied, and the original best judgment assessment was restored. en-us Wed, 18 Sep 2024 00:00:00 +0530 Mon, 08 Dec 2025 18:58:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=465164 ITAT set aside the revision order u/s 263 passed by Pr. CIT against the assessee, a non-filer assessed on best judgment basis. The AO had examined multiple bank accounts, noted regular deposits and withdrawals, and, based on enquiries revealing grocery and finance business, treated credits as business receipts and estimated income on a presumptive basis. ITAT held that the AO conducted adequate enquiry, adopted a plausible view, and his order was neither erroneous nor prejudicial to the interests of the Revenue. Consequently, the preconditions for invoking s.263, including Explanation 2, were not satisfied, and the original best judgment assessment was restored. Case-Laws Income Tax Wed, 18 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=465164