Reversal of input tax credit in proportion to exempt supply: specificity of show-cause notice required; order set aside, fresh proceedings allowed wit...
Benami transaction and beneficial ownership: documentary and circumstantial evidence show payors were true beneficiaries, resulting in PBPTA consequen...
Whether the assessment order was amenable to revision under s.263 for failure to examine taxability of gains from sale of land turned on the absence of inquiry into whether the lands were urban land within municipal limits and hence a "capital asset" under s.2(14). The AO's order addressed only cash deposits and contained no verification or reasoning on the land-sale transactions, effectively accepting the return in a summary manner. Applying s.263 read with Explanation 2 and the principle in Malabar Industrial Co. Ltd. that lack of inquiry renders an order erroneous and prejudicial to Revenue, the revision was upheld and the assessee's challenge was rejected - ITAT
Whether the assessment order was amenable to revision under s.263 for failure to examine taxability of gains from sale of land turned on the absence of inquiry into whether the lands were urban land within municipal limits and hence a "capital asset" under s.2(14). The AO's order addressed only cash deposits and contained no verification or reasoning on the land-sale transactions, effectively accepting the return in a summary manner. Applying s.263 read with Explanation 2 and the principle in Malabar Industrial Co. Ltd. that lack of inquiry renders an order erroneous and prejudicial to Revenue, the revision was upheld and the assessee's challenge was rejected - ITAT
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