The ITAT upheld the PCIT’s revision under Section 263, observing that the Assessing Officer had failed to verify the source and genuineness of the assessee’s loan repayment. The Tribunal noted that mere acceptance of the assessee’s explanation without conducting any meaningful inquiry rendered the assessment order erroneous and prejudicial to the interests of the Revenue.

SEBI relaxed disclosure rules for listed companies by introducing simplified reporting for low-value related party transactions.

SEBI relaxed disclosure rules for listed companies by introducing simplified reporting for low-value related party transactions.