https://www.taxtmi.com/caselaws?id=755915 ITAT Chennai held that AO's failure to properly examine superannuation fund payments to LIC under section 40A(9) justified revisionary powers under section 263. Despite tax auditor flagging disallowance and AO raising queries about bank statements and contribution receipts in different company name, AO inadequately investigated whether fund was approved. Though assessee provided name change certificate and partial bank statements, AO overlooked tax auditor's reporting and failed to verify fund's approved status. ITAT modified impugned order, directing AO to re-examine claim's deductibility while keeping all issues open for proper adjudication. en-us Wed, 10 Jul 2024 00:00:00 +0530 Tue, 23 Jul 2024 08:50:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755915 ITAT Chennai held that AO's failure to properly examine superannuation fund payments to LIC under section 40A(9) justified revisionary powers under section 263. Despite tax auditor flagging disallowance and AO raising queries about bank statements and contribution receipts in different company name, AO inadequately investigated whether fund was approved. Though assessee provided name change certificate and partial bank statements, AO overlooked tax auditor's reporting and failed to verify fund's approved status. ITAT modified impugned order, directing AO to re-examine claim's deductibility while keeping all issues open for proper adjudication. Case-Laws Income Tax Wed, 10 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755915