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 upheld PCIT's revision order under Section 263, finding the AO erred in not thoroughly examining undisclosed cash income. The tribunal confirmed that merely disclosing and paying tax does not absolve the assessee from Section 69A requirements. The AO's failure to conduct independent inquiry into the source of income and apply Sections 115BBE, 269ST, and 271DA rendered the original assessment order erroneous and prejudicial to revenue interests. Consequently, the PCIT's order was valid, and both assessee appeals were dismissed.
ITAT upheld PCIT's revision order under Section 263, finding the AO erred in not thoroughly examining undisclosed cash income. The tribunal confirmed that merely disclosing and paying tax does not absolve the assessee from Section 69A requirements. The AO's failure to conduct independent inquiry into the source of income and apply Sections 115BBE, 269ST, and 271DA rendered the original assessment order erroneous and prejudicial to revenue interests. Consequently, the PCIT's order was valid, and both assessee appeals were dismissed.
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