Transaction value rejection requires reliable corroboration; refundable VAT is excluded and temporary registration does not defeat new-vehicle exempti...
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The ITAT held that the order passed by the Principal Commissioner of Income Tax u/s 263 of the Income Tax Act for disallowance u/s 40A(3) and addition on account of unexplained cash credit u/s 68 was not sustainable. The Tribunal observed that merely not mentioning the annexures or not asking for details does not render the order prejudicial or erroneous. The assessee's submissions regarding jurisdiction were not dealt with by the revenue. The Principal Commissioner did not invoke Explanation 2 to Section 263 to substantiate her view that the order was erroneous or prejudicial to the interests of the revenue. Therefore, the Tribunal disagreed with the Principal Commissioner's view without establishing how the order was erroneous or prejudicial.
The ITAT held that the order passed by the Principal Commissioner of Income Tax u/s 263 of the Income Tax Act for disallowance u/s 40A(3) and addition on account of unexplained cash credit u/s 68 was not sustainable. The Tribunal observed that merely not mentioning the annexures or not asking for details does not render the order prejudicial or erroneous. The assessee's submissions regarding jurisdiction were not dealt with by the revenue. The Principal Commissioner did not invoke Explanation 2 to Section 263 to substantiate her view that the order was erroneous or prejudicial to the interests of the revenue. Therefore, the Tribunal disagreed with the Principal Commissioner's view without establishing how the order was erroneous or prejudicial.
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