https://www.taxtmi.com/highlights?id=75622 Revision u/s 263 - Bogus expenditure towards sub-contract payments made to persons who were previously employed in the assessee’s company as supervisors / garage in-charge for monthly salaries - The Tribunal observed that the AO did not examine payments to subcontractors during assessment proceedings. - The details of sub-contracts were not verified, and claims by the assessee were accepted without inquiry. - The ITAT found the AO's actions to be erroneous and prejudicial to revenue. - Hence, the proceedings under section 263 were rightly initiated. en-us Tue, 12 Mar 2024 08:55:39 +0530 Tue, 12 Mar 2024 08:55:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=75622 Revision u/s 263 - Bogus expenditure towards sub-contract payments made to persons who were previously employed in the assessee’s company as supervisors / garage in-charge for monthly salaries - The Tribunal observed that the AO did not examine payments to subcontractors during assessment proceedings. - The details of sub-contracts were not verified, and claims by the assessee were accepted without inquiry. - The ITAT found the AO's actions to be erroneous and prejudicial to revenue. - Hence, the proceedings under section 263 were rightly initiated. Highlights Income Tax Tue, 12 Mar 2024 08:55:39 +0530 https://www.taxtmi.com/highlights?id=75622