Attachment of Pre Offence Mortgaged Property remains possible under PMLA; secured creditors may pursue statutory claim and seek auction with undertaki...
Exercise of revisional power under section 263 is limited to orders that are not merely erroneous but prejudicial to revenue; a mere difference of opinion between the Assessing Officer and the Commissioner cannot justify setting aside, modifying or remanding an assessment, and the Commissioner must record reasons specifying how and to what extent the assessment is prejudicial. On addition of alleged cash credits under section 68, the AO had examined partners' accounts and sources and recorded satisfaction as to genuineness; that factual satisfaction was not shown to be prejudicial, so interference was unwarranted and the appeal was dismissed.
Exercise of revisional power under section 263 is limited to orders that are not merely erroneous but prejudicial to revenue; a mere difference of opinion between the Assessing Officer and the Commissioner cannot justify setting aside, modifying or remanding an assessment, and the Commissioner must record reasons specifying how and to what extent the assessment is prejudicial. On addition of alleged cash credits under section 68, the AO had examined partners' accounts and sources and recorded satisfaction as to genuineness; that factual satisfaction was not shown to be prejudicial, so interference was unwarranted and the appeal was dismissed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
