Revision Order Quashed

The Income Tax Appellate Tribunal (ITAT), Ahmedabad, has quashed a revision order passed under Section 263 of the Income-tax Act, holding that the Principal Commissioner cannot invoke revision merely because he holds a different view of the evidence already examined by the Assessing Officer. 

The Tribunal observed that where the source of funds is explained and the transaction has been thoroughly verified, revision under Section 263 is without jurisdiction.