https://www.taxtmi.com/caselaws?id=445348 The Madras HC upheld the Commissioner's revision under Section 263 of the Income Tax Act, 1961, finding the Assessing Officer's consequential order erroneous and prejudicial to revenue interest. The petitioner claimed 1194.60 gms of gold found during search operations was part of 101442.5 gms declared under VDI Scheme 1997. The HC distinguished the case from petitioner's co-sister's successful appeal, noting lack of proper enquiry and reasoning in the consequential order. The court rejected the writ petition, finding no grounds for interference with the Commissioner's order invoking Section 263 powers. en-us Wed, 01 Nov 2023 00:00:00 +0530 Fri, 01 Mar 2024 15:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445348 The Madras HC upheld the Commissioner's revision under Section 263 of the Income Tax Act, 1961, finding the Assessing Officer's consequential order erroneous and prejudicial to revenue interest. The petitioner claimed 1194.60 gms of gold found during search operations was part of 101442.5 gms declared under VDI Scheme 1997. The HC distinguished the case from petitioner's co-sister's successful appeal, noting lack of proper enquiry and reasoning in the consequential order. The court rejected the writ petition, finding no grounds for interference with the Commissioner's order invoking Section 263 powers. Case-Laws Income Tax Wed, 01 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445348