Transfer of going concern and transfer of input tax credit under GST allowed; exemption applies though interstate ledger transfers left to authorities...
Concessional Basic Customs Duty on Ethernet switches: classification as enterprise switches upheld, challenge dismissed for lack of substantial law qu...
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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.
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