Insolvency petition based on admitted debt and default upheld; challenge for malicious initiation rejected, settlement may proceed under resolution fr...
Quashing of FIR and challenge to ECIR over alleged diversion of funds and preferential ESOP pricing dismissed after prima facie money-laundering findi...
Revision under section 263 was upheld because the assessing officer failed to verify the assessee's suo motu disallowance of expenditure relating to exempt income and did not test the prescribed computation method or examine a third party report; outcome: revision sustained and relief denied. The tribunal accepted that the AO overlooked available intelligence indicating receipt of accommodation entries, attracting deeming provisions and negating the assessee's claim; outcome: section 263 action valid. The decision relied on precedent on strategic investment exclusion and the duty of the AO to make inquiries, and confirmed the revisional order against the assessee.
Revision under section 263 was upheld because the assessing officer failed to verify the assessee's suo motu disallowance of expenditure relating to exempt income and did not test the prescribed computation method or examine a third party report; outcome: revision sustained and relief denied. The tribunal accepted that the AO overlooked available intelligence indicating receipt of accommodation entries, attracting deeming provisions and negating the assessee's claim; outcome: section 263 action valid. The decision relied on precedent on strategic investment exclusion and the duty of the AO to make inquiries, and confirmed the revisional order against the assessee.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4811 
Join Channel 
