https://www.taxtmi.com/caselaws?id=465507 The dominant issue was whether the assessment order was "erroneous and prejudicial to the interests of the Revenue" warranting revision u/s 263 on the ground that cash found during search, allegedly unrecorded, should have been taxed as unexplained money u/s 69A r/w s 115BBE. The ITAT held that the AO had made a specific enquiry on the source of cash and the assessee furnished a specific explanation attributing it to long-term capital gains from sale of jewellery, which the AO considered in the assessment. Since revision u/s 263 is permissible for lack of enquiry and not for alleged inadequacy of enquiry, the twin conditions were not satisfied; the revision order was set aside and the assessee's appeal was allowed. en-us Wed, 27 Sep 2023 00:00:00 +0530 Mon, 29 Dec 2025 11:36:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=465507 The dominant issue was whether the assessment order was "erroneous and prejudicial to the interests of the Revenue" warranting revision u/s 263 on the ground that cash found during search, allegedly unrecorded, should have been taxed as unexplained money u/s 69A r/w s 115BBE. The ITAT held that the AO had made a specific enquiry on the source of cash and the assessee furnished a specific explanation attributing it to long-term capital gains from sale of jewellery, which the AO considered in the assessment. Since revision u/s 263 is permissible for lack of enquiry and not for alleged inadequacy of enquiry, the twin conditions were not satisfied; the revision order was set aside and the assessee's appeal was allowed. Case-Laws Income Tax Wed, 27 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=465507