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        Case ID :
        Income Tax

        ITAT upheld revision proceedings under s.263 concerning...

        Assessment Order Revised Under Section 263 Due to Selective Verification of Creditors and Incomplete Transaction Inquiry

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                ITAT upheld revision proceedings under s.263 concerning genuineness of sundry creditors. AO initially questioned transactions with 10 creditors but made additions under s.41(1) for only 2 parties, failing to examine remaining 8 creditors without justification. Assessee's non-compliance in furnishing requisite details during assessment and discrepancy in ledger account of AJS Impex Pvt Ltd (showing credit balance contrary to noted debit balance) demonstrated inadequate verification. Order under s.143(3) r.w.s. 144B deemed erroneous as it lacked comprehensive inquiry mandated by Explanation 2 to s.263. AO's selective treatment of similar transactions without reasoned basis constituted jurisdictional error warranting revision.
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