https://www.taxtmi.com/caselaws?id=783199 ITAT held that the PCIT's assumption of jurisdiction u/s 263 was invalid and quashed the revisional order. It found that the AO had duly examined the transactions forming the basis of reopening, which pertained to alleged unsecured loans from a corporate entity. The bank account, though in the assessee's name, was established to be operated and controlled by a third party, and all related transactions had already been taxed in that third party's hands. As the Revenue produced no evidence of actual unsecured loans to the assessee and the impugned sum matched the already assessed transactions, the reassessment premise was factually incorrect. The assessee's appeal was allowed. en-us Tue, 09 Dec 2025 00:00:00 +0530 Thu, 11 Dec 2025 08:55:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=783199 ITAT held that the PCIT's assumption of jurisdiction u/s 263 was invalid and quashed the revisional order. It found that the AO had duly examined the transactions forming the basis of reopening, which pertained to alleged unsecured loans from a corporate entity. The bank account, though in the assessee's name, was established to be operated and controlled by a third party, and all related transactions had already been taxed in that third party's hands. As the Revenue produced no evidence of actual unsecured loans to the assessee and the impugned sum matched the already assessed transactions, the reassessment premise was factually incorrect. The assessee's appeal was allowed. Case-Laws Income Tax Tue, 09 Dec 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=783199