CIT Revises Assessment u/s 263: AO Failed to Verify VAT Input Claim on Deemed Imports as Expense.

CIT Revises Assessment u/s 263: AO Failed to Verify VAT Input Claim on Deemed Imports as Expense. https://www.taxtmi.com/highlights?id=61646 Revisions u/s 263 by CIT - Whether the assessee has claimed VAT input on the deemed import as an expense in the profit and loss account? - This fact, to our understanding, has not been verified by the AO. At the time of hearing the learned AR has also not brought anything on record suggesting that the assessee has not claimed VAT input on the deemed import as an expense in the profit and loss account - Revision proceedings upheld - AT en-us Thu, 27 Jan 2022 13:12:15 +0530 Thu, 27 Jan 2022 13:12:15 +0530 TaxTMI RSS Generator CIT Revises Assessment u/s 263: AO Failed to Verify VAT Input Claim on Deemed Imports as Expense. https://www.taxtmi.com/highlights?id=61646 Revisions u/s 263 by CIT - Whether the assessee has claimed VAT input on the deemed import as an expense in the profit and loss account? - This fact, to our understanding, has not been verified by the AO. At the time of hearing the learned AR has also not brought anything on record suggesting that the assessee has not claimed VAT input on the deemed import as an expense in the profit and loss account - Revision proceedings upheld - AT Highlights Income Tax Thu, 27 Jan 2022 13:12:15 +0530 https://www.taxtmi.com/highlights?id=61646