Unlawful outward remittances via Hawala using proforma invoices and electronic records proved; documents admitted, directors penalised, penalties redu...
Attachment of equivalent-value properties as proceeds of crime upheld; preventive attachment order and confirmation sustained; no independent ED reinv...
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ITAT upheld the PCIT's revision u/s 263 for AY 2020-21, holding the assessment order erroneous and prejudicial to the interests of Revenue due to non-examination of depreciation claimed on goodwill. The assessee's contention that the tax audit report sufficed and that no further enquiry by AO was needed was rejected. ITAT confined the validity of revision to the year under consideration and held that PCIT's observations regarding earlier years would not bind the set-aside proceedings, though they may guide Revenue separately. The direction to AO to verify the depreciation claim on goodwill was sustained. The objection regarding absence of DIN in the s.263 notice was also rejected.
ITAT upheld the PCIT's revision u/s 263 for AY 2020-21, holding the assessment order erroneous and prejudicial to the interests of Revenue due to non-examination of depreciation claimed on goodwill. The assessee's contention that the tax audit report sufficed and that no further enquiry by AO was needed was rejected. ITAT confined the validity of revision to the year under consideration and held that PCIT's observations regarding earlier years would not bind the set-aside proceedings, though they may guide Revenue separately. The direction to AO to verify the depreciation claim on goodwill was sustained. The objection regarding absence of DIN in the s.263 notice was also rejected.
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