Revisional power in block assessment upheld, undisclosed search income sustained, freight suppression addition restored, accrued lorry hire liability ...
Reassessment and fee-for-technical-services classification: reopening upheld, but certain reimbursements and mobilization charges fell outside treaty ...
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Where an assessee filed return under the presumptive taxation scheme in section 44AD, which does not require maintenance of books of account, the Pr. CIT could not invoke section 263 to reopen the assessment and treat bank deposits as unexplained under section 68. The Tribunal noted that the Assessing Officer had considered the relevant issues and that the revisional authority merely substituted its own view on further enquiries and third-party evidence. On those facts, the revisional order was found to suffer from lack of jurisdiction and was quashed.
Where an assessee filed return under the presumptive taxation scheme in section 44AD, which does not require maintenance of books of account, the Pr. CIT could not invoke section 263 to reopen the assessment and treat bank deposits as unexplained under section 68. The Tribunal noted that the Assessing Officer had considered the relevant issues and that the revisional authority merely substituted its own view on further enquiries and third-party evidence. On those facts, the revisional order was found to suffer from lack of jurisdiction and was quashed.
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