Reopening Assessments invalid where satisfaction and jurisdictional approval are absent for third party seized material, leading to quashing of assess...
Benami property exclusion from the insolvency estate: Benami Act proceedings preclude IBC tribunals from reopening attachments or treating such assets...
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Revision under Section 263 was sustained because the assessing officer failed to investigate the precise source of cash deposits that constituted the immediate source of unsecured loans and partner capital; this absence of enquiry rendered the assessment erroneous and prejudicial to revenue, justifying setting aside the assessment. The determination clarifies that where equivalent cash deposits are the primary source of declared loans or capital, the AO must verify cash origin; failure to do so is a lack of enquiry (not merely inadequate enquiry). An audit objection may validly initiate revision proceedings depending on facts, and such proceedings can be upheld when enquiry lapses affect assessability.
Revision under Section 263 was sustained because the assessing officer failed to investigate the precise source of cash deposits that constituted the immediate source of unsecured loans and partner capital; this absence of enquiry rendered the assessment erroneous and prejudicial to revenue, justifying setting aside the assessment. The determination clarifies that where equivalent cash deposits are the primary source of declared loans or capital, the AO must verify cash origin; failure to do so is a lack of enquiry (not merely inadequate enquiry). An audit objection may validly initiate revision proceedings depending on facts, and such proceedings can be upheld when enquiry lapses affect assessability.
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