Political contribution deductions require assessee-specific proof before cash-back allegations can justify disallowance or unexplained-money additions...
Revision u/s 263 - as per CIT AO had wrongly allowed the assessee exemption of capital gains claimed u/s 54B - Tribunal found that neither any inquiry was made by the AO regarding fulfillment of the basic conditions for eligibility to claim exemption under section 54B of the Act nor any documents were placed by the assessee before the AO establishing the same - Accordingly, the assessee's claim for exemption u/s 54B was denied due to non-compliance with the conditions. - ITAT uphold the order u/s 263 directing the AO to reexamine the issue.
Revision u/s 263 - as per CIT AO had wrongly allowed the assessee exemption of capital gains claimed u/s 54B - Tribunal found that neither any inquiry was made by the AO regarding fulfillment of the basic conditions for eligibility to claim exemption under section 54B of the Act nor any documents were placed by the assessee before the AO establishing the same - Accordingly, the assessee's claim for exemption u/s 54B was denied due to non-compliance with the conditions. - ITAT uphold the order u/s 263 directing the AO to reexamine the issue.
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