ITAT Surat Judgments — January 2022

The Tribunal held that the AO failed to make proper inquiries regarding the expenses claimed against interest income, making the assessment order erroneous and prejudicial to the revenue. The jurisdiction exercised by the PCIT under Section 263 was upheld.

The Tribunal held that the assessee had adequate land holding and past savings from agricultural activities, and the AO failed to prove any other source of income. Therefore, the addition made by the AO was deleted.