Advance-ruling mechanism governs pending GST classification, exemption and taxability disputes, limiting writ review once the specialised forum functi...
Charitable trust income application permits verified capital expenditure but rejects deferred pre-operative claims and requires reconsideration of con...
Reinsurance premium deductions require established regulatory breaches, while independently acquired software qualifies within the computer depreciati...
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 
