Section 263 Revision Unjustified as Assessment Not Erroneous or Prejudicial to Revenue

Chandrakant Vallabhbhai Koladia Vs PCIT (ITAT Ahmedabad) ITAT Ahmedabad held that revisionary proceedings under section 263 of the Income Tax Act not invocable as assessment made by AO after proper verification of evidences. Further, assessment order is neither erroneous nor prejudicial to interest of revenue. Facts- Post scrutiny assessment, Pr. CIT initiated revisionary proceedings u/s. 263 of the Income Tax Act. The Pr. CIT held that under the provisions of section 69A of the Act, the initial onus by explaining source of money is cast upon the assessee. The assessee cannot shift its onus on...