Fair-rent assessment requires consideration of lease terms, valuation principles and prevailing market rent; the certificate was quashed for fresh rev...
Document Identification Number compliance is satisfied when electronically communicated orders are promptly authenticated through a correctly identifi...
Industrial shrimp-feed machinery classification follows its commercial function, placing integrated production plants under the specific industrial fo...
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.
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