Reasonable Cause for Late Return: penalty under section 271(1)(c) unsustainable where disclosure, audit filing and voluntary offer showed no concealme...
Page of 4826
Press 'Enter' after typing page number.
6121 to 6140 of 96504 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
Revision under section 263 was invoked on the ground that the assessment under section 153C read with section 143(3) concerning alleged cash payment for purchase of development rights was erroneous and prejudicial. It was held that prior administrative approval under section 153D does not bar revision, since the statutory scheme permits the PCIT to revise an assessment order notwithstanding such approval. On merits, the assessment was found to be based on enquiries, verification of documents and evidences, and a plausible view, including consideration of a witness statement denying linkage of seized notings to the assessee; the Revenue also failed to identify any specific unmade enquiry or incriminating material directly implicating the assessee. Consequently, the revision order was set aside and the appeal was allowed - ITAT
Revision under section 263 was invoked on the ground that the assessment under section 153C read with section 143(3) concerning alleged cash payment for purchase of development rights was erroneous and prejudicial. It was held that prior administrative approval under section 153D does not bar revision, since the statutory scheme permits the PCIT to revise an assessment order notwithstanding such approval. On merits, the assessment was found to be based on enquiries, verification of documents and evidences, and a plausible view, including consideration of a witness statement denying linkage of seized notings to the assessee; the Revenue also failed to identify any specific unmade enquiry or incriminating material directly implicating the assessee. Consequently, the revision order was set aside and the appeal was allowed - ITAT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4826 
Join Channel 
