Handicraft job work receives concessional GST only for registered principals and predominantly handmade goods; commercial resin articles remain taxabl...
Reassessment disclosure requirements permit stated reasons without revealing information sources, but prior-taxation claims require full examination b...
Independent assessment discretion and corroborated electronic evidence determine validity of on-money additions and undisclosed-consideration assessme...
ITAT ruled against revision under s.263, finding the original assessment order valid and not prejudicial to revenue interests. The disputed cash deposit of Rs.4.5 lakh, initially part of a land transaction that was subsequently cancelled, resulted in nil cash flow impact. The AO had properly followed assessment procedures under s.143(3) r.w.s 147/148, issuing required notices and examining bank statements, agricultural income declarations, and supporting documentation. The tribunal determined the assessment of Rs.6,710 plus Rs.7,80,000 agricultural income was reasonable, with due verification completed. The PCIT's attempt to invoke s.263 was rejected as the original assessment demonstrated proper examination of facts and application of law.
ITAT ruled against revision under s.263, finding the original assessment order valid and not prejudicial to revenue interests. The disputed cash deposit of Rs.4.5 lakh, initially part of a land transaction that was subsequently cancelled, resulted in nil cash flow impact. The AO had properly followed assessment procedures under s.143(3) r.w.s 147/148, issuing required notices and examining bank statements, agricultural income declarations, and supporting documentation. The tribunal determined the assessment of Rs.6,710 plus Rs.7,80,000 agricultural income was reasonable, with due verification completed. The PCIT's attempt to invoke s.263 was rejected as the original assessment demonstrated proper examination of facts and application of law.
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