https://www.taxtmi.com/caselaws?id=311840 The HC upheld the CIT's revision order u/s 263 regarding unexplained investments of Rs. 39.08 crores in shell companies. The court found the AO's order was erroneous and prejudicial to revenue as it failed to address the source of funds despite issuing detailed notices. The AO's non-speaking order ignored evidence of potential benami transactions involving villagers from Kharora who opened accounts in Raipur banks. During search operations at a chartered accountant's office, 232 bank passbooks of different individuals were recovered, all from two Raipur banks, raising suspicions about the legitimacy of share capital investments in 13 shell companies. The revision was justified. en-us Tue, 25 Oct 2016 00:00:00 +0530 Tue, 16 Jan 2024 21:19:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311840 The HC upheld the CIT's revision order u/s 263 regarding unexplained investments of Rs. 39.08 crores in shell companies. The court found the AO's order was erroneous and prejudicial to revenue as it failed to address the source of funds despite issuing detailed notices. The AO's non-speaking order ignored evidence of potential benami transactions involving villagers from Kharora who opened accounts in Raipur banks. During search operations at a chartered accountant's office, 232 bank passbooks of different individuals were recovered, all from two Raipur banks, raising suspicions about the legitimacy of share capital investments in 13 shell companies. The revision was justified. Case-Laws Income Tax Tue, 25 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311840