Religious purpose exclusion versus charitable purpose: non overriding religious objects do not attract Explanation 3, registration directed under sect...
Search-assessment proviso jurisdiction, time-barred valuation reports, and denial of cross-examination vitiate valuation-based and confession-based ad...
Proceeds of crime: provisional attachment confirmed; equivalent value attachment and acquisition date fair market value upheld, Covid exclusion preser...
Revision under section 263 was scrutinised on whether the AO made no inquiry or an inadequate inquiry regarding additions under scrutiny. The tribunal found the AO had conducted detailed investigation and enquiries before making additions; therefore the revisional authority's exercise amounted to a change of opinion and was not permissible. Explanation 2 was held inapplicable because the assessment was not passed without any inquiry. The issue was also treated as debatable in view of a coordinate bench decision deleting comparable additions. Consequence: the revision was set aside and the assessee's appeal was allowed.
Revision under section 263 was scrutinised on whether the AO made no inquiry or an inadequate inquiry regarding additions under scrutiny. The tribunal found the AO had conducted detailed investigation and enquiries before making additions; therefore the revisional authority's exercise amounted to a change of opinion and was not permissible. Explanation 2 was held inapplicable because the assessment was not passed without any inquiry. The issue was also treated as debatable in view of a coordinate bench decision deleting comparable additions. Consequence: the revision was set aside and the assessee's appeal was allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4817 
Join Channel 
