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 ITAT upheld the revision order u/s 263 The PCIT demonstrated that the Assessing Officer failed to examine/inquire/investigate transactions in the demat account, bank account, and receipts as per Form 26AS vis-`a-vis the Income Tax Return, despite being required to conduct adequate examinations/inquiries/investigations to arrive at a logical conclusion. The assessee did not rebut the PCIT's finding or provide evidence of the AO examining these issues. Consequently, the Tribunal ruled that the PCIT rightly exercised jurisdiction u/s 263, and the decision went against the assessee.
The ITAT upheld the revision order u/s 263 The PCIT demonstrated that the Assessing Officer failed to examine/inquire/investigate transactions in the demat account, bank account, and receipts as per Form 26AS vis-`a-vis the Income Tax Return, despite being required to conduct adequate examinations/inquiries/investigations to arrive at a logical conclusion. The assessee did not rebut the PCIT's finding or provide evidence of the AO examining these issues. Consequently, the Tribunal ruled that the PCIT rightly exercised jurisdiction u/s 263, and the decision went against the assessee.
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