Benami transaction and beneficial ownership: documentary and circumstantial evidence show payors were true beneficiaries, resulting in PBPTA consequen...
Denial of Preferential Treatment under SAFTA overturned where unchallenged Country of Origin certificate warranted exemption under Notification benefi...
Continuing offence of money-laundering: discharge set aside and proceedings reinstated where laundering continued after inclusion of predicate offence...
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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