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Insolvency petition based on admitted debt and default upheld; challenge for malicious initiation rejected, settlement may proceed under resolution fr...
Quashing of FIR and challenge to ECIR over alleged diversion of funds and preferential ESOP pricing dismissed after prima facie money-laundering findi...
Revision under s.263 was upheld on the ground that the assessment allowing deduction u/s 80G without enquiry into an allegedly bogus donation was erroneous and prejudicial to revenue. Mere production of a donation receipt was held insufficient to establish genuineness, especially when the Department possessed search-derived information indicating the donee entity's involvement in providing accommodation donations. Applying Explanation 2 to s.263, failure to conduct the necessary verification rendered the assessment order deemed erroneous; consequently, the revisional authority's direction for proper examination was sustained and the assessee's appeal was dismissed. - ITAT
Revision under s.263 was upheld on the ground that the assessment allowing deduction u/s 80G without enquiry into an allegedly bogus donation was erroneous and prejudicial to revenue. Mere production of a donation receipt was held insufficient to establish genuineness, especially when the Department possessed search-derived information indicating the donee entity's involvement in providing accommodation donations. Applying Explanation 2 to s.263, failure to conduct the necessary verification rendered the assessment order deemed erroneous; consequently, the revisional authority's direction for proper examination was sustained and the assessee's appeal was dismissed. - ITAT
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