https://www.taxtmi.com/caselaws?id=465886 Article addresses revisionary jurisdiction under Section 263 in relation to verification of unsecured loans and confirms that revision can be invoked only when the assessment order is both erroneous and prejudicial to revenue; as the AO had obtained ledger, confirmations, PANs, ITRs and bank statements and completed assessment u/s 143(3), the AOs enquiry was held adequate and PCITs invocation amounted to impermissible change of opinion, lacking identification of any specific deficiency or reference to requisite Explanation, thereby invalidating the revision direction and resulting in quashment of the revisional order. en-us Thu, 17 Apr 2025 00:00:00 +0530 Tue, 13 Jan 2026 13:05:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=465886 Article addresses revisionary jurisdiction under Section 263 in relation to verification of unsecured loans and confirms that revision can be invoked only when the assessment order is both erroneous and prejudicial to revenue; as the AO had obtained ledger, confirmations, PANs, ITRs and bank statements and completed assessment u/s 143(3), the AOs enquiry was held adequate and PCITs invocation amounted to impermissible change of opinion, lacking identification of any specific deficiency or reference to requisite Explanation, thereby invalidating the revision direction and resulting in quashment of the revisional order. Case-Laws Income Tax Thu, 17 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=465886