https://www.taxtmi.com/caselaws?id=448509 ITAT Indore upheld CIT's revision u/s 263 against assessee's assessment order. AO failed to conduct proper inquiry on two issues: non-disallowance of outstanding CST under section 43B and cash purchase of cotton worth Rs. 14.90 crore without examining section 40A(3) applicability. While AO made adhoc disallowance for cotton purchase due to lack of supporting documents, complete absence of inquiry regarding CST disallowance and section 40A(3) provisions rendered the assessment order erroneous and prejudicial to revenue interest. Appeal dismissed. en-us Mon, 20 Nov 2023 00:00:00 +0530 Sat, 20 Jan 2024 08:23:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448509 ITAT Indore upheld CIT's revision u/s 263 against assessee's assessment order. AO failed to conduct proper inquiry on two issues: non-disallowance of outstanding CST under section 43B and cash purchase of cotton worth Rs. 14.90 crore without examining section 40A(3) applicability. While AO made adhoc disallowance for cotton purchase due to lack of supporting documents, complete absence of inquiry regarding CST disallowance and section 40A(3) provisions rendered the assessment order erroneous and prejudicial to revenue interest. Appeal dismissed. Case-Laws Income Tax Mon, 20 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448509