Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
Tax exemption for specified legal-services authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and...
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The Appellate Tribunal examined the issue of invoking revisional jurisdiction u/s 263 in a case involving receipts of accommodation entries and reopening of assessment. The crux was the distinction between 'lack of inquiry' and 'inadequate inquiry' by the Assessing Officer (AO). It was held that if the AO conducted any inquiry, even if inadequate, it would not justify the Commissioner's intervention u/s 263 merely due to a different opinion. Lack of inquiry is the sole ground for exercising revisional powers. In the present case, the AO made detailed inquiries on the accommodation entry issue, which the assessee denied, and no further evidence was provided. Hence, it could not be treated as a lack of inquiry. The AO had applied their mind and accepted the assessee's explanation after reopening the case. Consequently, the Principal Commissioner was not justified in invoking revisional jurisdiction u/s 263, and the decision favored the assessee.
The Appellate Tribunal examined the issue of invoking revisional jurisdiction u/s 263 in a case involving receipts of accommodation entries and reopening of assessment. The crux was the distinction between 'lack of inquiry' and 'inadequate inquiry' by the Assessing Officer (AO). It was held that if the AO conducted any inquiry, even if inadequate, it would not justify the Commissioner's intervention u/s 263 merely due to a different opinion. Lack of inquiry is the sole ground for exercising revisional powers. In the present case, the AO made detailed inquiries on the accommodation entry issue, which the assessee denied, and no further evidence was provided. Hence, it could not be treated as a lack of inquiry. The AO had applied their mind and accepted the assessee's explanation after reopening the case. Consequently, the Principal Commissioner was not justified in invoking revisional jurisdiction u/s 263, and the decision favored the assessee.
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