Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
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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