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 dismissed the taxpayer's appeal against revision under section 263, upholding the PCIT's order. The tribunal found that the assessing officer (Ld. AO) had not demonstrated any application of mind to the treatment of "retention money," which the taxpayer had explained was not debited to profit and loss but adjusted in the income computation. The PCIT correctly noted absence of enquiry, verification or discussion in the assessment order regarding the retention money issue. Given the lack of cogent factual or legal analysis by the AO and the recorded failure of inquiry, the ITAT held the revision to be valid and found no merit in the taxpayer's contention that the PCIT's jurisdictional exercise was improper.
ITAT dismissed the taxpayer's appeal against revision under section 263, upholding the PCIT's order. The tribunal found that the assessing officer (Ld. AO) had not demonstrated any application of mind to the treatment of "retention money," which the taxpayer had explained was not debited to profit and loss but adjusted in the income computation. The PCIT correctly noted absence of enquiry, verification or discussion in the assessment order regarding the retention money issue. Given the lack of cogent factual or legal analysis by the AO and the recorded failure of inquiry, the ITAT held the revision to be valid and found no merit in the taxpayer's contention that the PCIT's jurisdictional exercise was improper.
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