Income Tax Tribunal Overturns PCIT's Revision; Upholds Assessment Due to Lack of Evidence for Erroneous Findings.

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....Revision u/s 263 regarding claim of accommodation entry - reliance on statements of third parties. Timelines for completing assessment u/s 143(3). Assessing officer duly inquired into claim of accommodation entry during Section 147 proceedings. Principal Commissioner of Income Tax (PCIT) did not provide specific findings on how assessment order was erroneous and prejudicial to revenue's interest. PCIT resorted to Section 263 proceedings to extend timelines for framing assessment u/s 147, which is impermissible. PCIT should have conducted necessary inquiries or verification to show Assessing Officer's findings were unsustainable. PCIT failed to provide independent finding on how assessment order was legally unsustainable based on available i.........