Depreciation and routine compliance expenses disallowance did not prove inaccurate particulars or misreporting; penalty sustained only on foreign trav...
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Revision petition u/s 264 by assessee - Claiming to act as a collection agent for borewell digging payments, the petitioner argued that the income was exaggerated and included expenditures paid to rig owners. Despite the petitioner's assertions, the High Court found insufficient evidence to support their claims and emphasized the need for comprehensive documentation to challenge the assessment under revisional jurisdiction. However, acknowledging the petitioner's request for another opportunity to present evidence, the court granted the writ petition, nullified the previous order, and instructed the petitioner to appear before the Commissioner of Income Tax with all necessary documents for reconsideration.
Revision petition u/s 264 by assessee - Claiming to act as a collection agent for borewell digging payments, the petitioner argued that the income was exaggerated and included expenditures paid to rig owners. Despite the petitioner's assertions, the High Court found insufficient evidence to support their claims and emphasized the need for comprehensive documentation to challenge the assessment under revisional jurisdiction. However, acknowledging the petitioner's request for another opportunity to present evidence, the court granted the writ petition, nullified the previous order, and instructed the petitioner to appear before the Commissioner of Income Tax with all necessary documents for reconsideration.
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