Section 263 Revision: Cheque Payments and Company Registration Insufficient to Prove Genuine Transactions; Additions and Penalties Upheld.

Section 263 Revision: Cheque Payments and Company Registration Insufficient to Prove Genuine Transactions; Additions and Penalties Upheld. https://www.taxtmi.com/highlights?id=49619 Revision u/s 263 - Unexplained cash credits - Mere fact that the payment was received by cheque or that the applicants were companies, borne on the file of Registrar of Companies were held to be neutral facts and did not prove that the transaction was genuine - additions with penalty confirmed. en-us Fri, 04 Oct 2019 10:49:06 +0530 Fri, 04 Oct 2019 10:49:06 +0530 TaxTMI RSS Generator Section 263 Revision: Cheque Payments and Company Registration Insufficient to Prove Genuine Transactions; Additions and Penalties Upheld. https://www.taxtmi.com/highlights?id=49619 Revision u/s 263 - Unexplained cash credits - Mere fact that the payment was received by cheque or that the applicants were companies, borne on the file of Registrar of Companies were held to be neutral facts and did not prove that the transaction was genuine - additions with penalty confirmed. Highlights Income Tax Fri, 04 Oct 2019 10:49:06 +0530 https://www.taxtmi.com/highlights?id=49619