Retrospective application of beneficial circulars upheld, binding officers and granting post adjudication relief where adjudication occurred after cir...
Admissibility of Investigation Statements requires witness examination before the adjudicating authority; otherwise statements cannot sustain a penalt...
Transaction value and connected person treatment in excise valuation: proprietary concerns not inter connected undertakings, relief on valuation and c...
Appointment of Registrars as adjudicating officers under Companies Act reallocates territorial jurisdiction and sets appeal route to Regional Director...
Composite supply of drilling services and site specific chemicals characterised as composite supply; prior advance rulings set aside, tax rate left op...
Section 263 confers broad revisional power to examine an...
Revisional power in block assessment upheld, undisclosed search income sustained, freight suppression addition restored, accrued lorry hire liability confirmed.
Contents
Summary
Note
Bookmark
Share
✓ Copied successfully !
Print
Print Options
For full text, please login
Login to TaxTMI
Verification Pending
The Email Id has not been verified. Click on the link we have sent on
Section 263 confers broad revisional power to examine an assessment order and direct fresh assessment, modification or cancellation when the order is erroneous and prejudicial to Revenue; that power applies equally to a block assessment under section 158BC read with section 143(3), so the revision was upheld. Applying ACIT v. A.R. Enterprises, advance tax payment or a belated return filed after search does not convert undisclosed income into disclosed income, and the AY 2002-2003 amount was correctly treated as undisclosed income. The deletion of addition for suppression of freight charges was set aside as the contrary assumption about matching expenditure was untenable, while the lorry hire provision was treated as accrued liability under mercantile accounting and the deletion on that issue was sustained. The remand on token booking receipts was left undisturbed.
Section 263 confers broad revisional power to examine an assessment order and direct fresh assessment, modification or cancellation when the order is erroneous and prejudicial to Revenue; that power applies equally to a block assessment under section 158BC read with section 143(3), so the revision was upheld. Applying ACIT v. A.R. Enterprises, advance tax payment or a belated return filed after search does not convert undisclosed income into disclosed income, and the AY 2002-2003 amount was correctly treated as undisclosed income. The deletion of addition for suppression of freight charges was set aside as the contrary assumption about matching expenditure was untenable, while the lorry hire provision was treated as accrued liability under mercantile accounting and the deletion on that issue was sustained. The remand on token booking receipts was left undisturbed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4814 
Join Channel 
