https://www.taxtmi.com/caselaws?id=760980 The HC upheld the revisional authority's order u/s 263 setting aside the AO's scrutiny assessment u/s 143(3). The court found the original assessment order deficient as it failed to detail what documents were sought from the assessee, what was submitted, and whether proper verification was conducted before confirming the returned income. The revisional authority correctly identified unexamined issues including Rs. 14.84 crores increase in share premium and unverified cash deposits during demonetization, which caused prejudice to revenue and justified invoking revisional powers. en-us Mon, 30 Sep 2024 00:00:00 +0530 Wed, 30 Oct 2024 08:32:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760980 The HC upheld the revisional authority's order u/s 263 setting aside the AO's scrutiny assessment u/s 143(3). The court found the original assessment order deficient as it failed to detail what documents were sought from the assessee, what was submitted, and whether proper verification was conducted before confirming the returned income. The revisional authority correctly identified unexamined issues including Rs. 14.84 crores increase in share premium and unverified cash deposits during demonetization, which caused prejudice to revenue and justified invoking revisional powers. Case-Laws Income Tax Mon, 30 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760980