https://www.taxtmi.com/caselaws?id=55065 The Tribunal set aside the Commissioner's revisional order under section 263, reinstating the ITO's order that accepted the genuineness of the cash credits. The Tribunal found that the ITO had made efforts to investigate the credits, including obtaining statements and affidavits. Despite some inquiries not being conducted as suggested by the Commissioner, the Tribunal deemed the revisional action unnecessary due to time lapse, evidentiary challenges, and lack of fault on the assessee's part. The discretionary nature of revisional powers was emphasized, leading to the appeal being allowed in favor of the assessee. en-us Thu, 07 May 1992 00:00:00 +0530 Tue, 23 Nov 2010 16:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55065 The Tribunal set aside the Commissioner's revisional order under section 263, reinstating the ITO's order that accepted the genuineness of the cash credits. The Tribunal found that the ITO had made efforts to investigate the credits, including obtaining statements and affidavits. Despite some inquiries not being conducted as suggested by the Commissioner, the Tribunal deemed the revisional action unnecessary due to time lapse, evidentiary challenges, and lack of fault on the assessee's part. The discretionary nature of revisional powers was emphasized, leading to the appeal being allowed in favor of the assessee. Case-Laws Income Tax Thu, 07 May 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55065