https://www.taxtmi.com/caselaws?id=457179 ITAT Indore quashed revision proceedings under section 263 regarding unexplained money addition. The case involved reopening under section 147 due to cash deposits in appellant's bank account. Following precedents from Allahabad HC in Vam Resorts Hotels Ltd. and Madras HC in Renuka Philip, along with coordinate bench decision in Manishbhai Laljibhai Vekaria, the tribunal held that Commissioner could not exercise section 263 powers due to statutory bar when larger issue was pending before Commissioner of Appeals. The assumption of jurisdiction under section 263 was deemed erroneous. Appeal allowed. en-us Thu, 10 Nov 2022 00:00:00 +0530 Tue, 10 Sep 2024 20:12:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457179 ITAT Indore quashed revision proceedings under section 263 regarding unexplained money addition. The case involved reopening under section 147 due to cash deposits in appellant's bank account. Following precedents from Allahabad HC in Vam Resorts Hotels Ltd. and Madras HC in Renuka Philip, along with coordinate bench decision in Manishbhai Laljibhai Vekaria, the tribunal held that Commissioner could not exercise section 263 powers due to statutory bar when larger issue was pending before Commissioner of Appeals. The assumption of jurisdiction under section 263 was deemed erroneous. Appeal allowed. Case-Laws Income Tax Thu, 10 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457179