Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
Revision u/s 263 - claim of deduction u/s. 54F - The fact remains that the calculations were provided to the ld. PCIT. It is seen that he has failed to find any infirmity in the claim. - PCIT, instead has set aside the order u/s. 143(3)/148 in order to grant one more inning to the Revenue to find some shortcoming in the claim on the suspicion that possibly the AO has missed something in the first round. Such an action cannot be supported. Powers u/s. 263 of the Income Tax Act are not on the Statute for such whimsical and arbitrary actions. - AT
Revision u/s 263 - claim of deduction u/s. 54F - The fact remains that the calculations were provided to the ld. PCIT. It is seen that he has failed to find any infirmity in the claim. - PCIT, instead has set aside the order u/s. 143(3)/148 in order to grant one more inning to the Revenue to find some shortcoming in the claim on the suspicion that possibly the AO has missed something in the first round. Such an action cannot be supported. Powers u/s. 263 of the Income Tax Act are not on the Statute for such whimsical and arbitrary actions. - AT
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