Statutory transfer formalities invalidated alleged share and property transfers, while retrospective record manipulation constituted oppression and mi...
Provisional attachment of laundered funds and equivalent-value property sustained, with statutory protection limited to pension, gratuity and providen...
Insolvency moratorium does not shield company officers from cheque dishonour prosecution for liability arising before corporate insolvency proceedings...
AO failed to conduct proper inquiries regarding genuineness of loan transactions for property acquisition. Bank statements revealed assessee lacked funds, payments made through loans from two parties. AO accepted evidence without verification, neglecting examination of interest payment, TDS deduction on loans. AO's lack of inquiry rendered order erroneous, prejudicial to revenue interests, justifying CIT's revision u/s 263. Non-application of mind, incorrect assumptions or law application by AO makes order erroneous, prejudicial, validating CIT's revisionary jurisdiction u/s 263. Decided against assessee.
AO failed to conduct proper inquiries regarding genuineness of loan transactions for property acquisition. Bank statements revealed assessee lacked funds, payments made through loans from two parties. AO accepted evidence without verification, neglecting examination of interest payment, TDS deduction on loans. AO's lack of inquiry rendered order erroneous, prejudicial to revenue interests, justifying CIT's revision u/s 263. Non-application of mind, incorrect assumptions or law application by AO makes order erroneous, prejudicial, validating CIT's revisionary jurisdiction u/s 263. Decided against assessee.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4786
Join Channel
TaxTMI 
