Form 26AS evidence requires successor-entity accounting verification after business transfer, while invoice-supported related-party advertising expend...
Money-laundering judgment timing requires awaiting the scheduled-offence decision despite continuation of the underlying trial where outcomes directly...
Accredited investor eligibility expands through securities-market exposure, while alternative investment fund disputes require prescribed resolution a...
Page of 4916
Press 'Enter' after typing page number.
41 to 60 of 98302 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4916 
