PCIT’s 263 Revision on Interest-Free Loan to Partner Invalid as AO Made Due Enquiry

Safal Engineers And Realities LLP Vs PCIT (ITAT Ahmedabad) PCIT’s 263 Action on “Interest-Free Loan to Partner” Held Mere Assumption — AO Made Detailed Enquiry & Took a Plausible View; Revision Order Quashed In this major 263 revision case, Safal Engineers & Realities LLP challenged the Principal CIT (Central)’s order setting aside its regular scrutiny assessment for AY 2021-22. The LLP belongs to the B Safal–City Estate Group, where a search was conducted on 28.09.2021. Assessment under section 143(3) was completed on 30.12.2022 with heavy additions relating to alleged on-...