Tax authority can revise assessment if AO fails to verify investment explanations, even with post-assessment audit objections.

Tax authority can revise assessment if AO fails to verify investment explanations, even with post-assessment audit objections. https://www.taxtmi.com/highlights?id=84639 CIT allowed to invoke Section 263 to revise assessment order due to AO's failure to verify assessee's explanation regarding investment in mutual funds/shares despite audit objections raised after assessment, as per SC ruling in CIT vs. P.V.S. Beedies Pvt. Ltd. allowing reopening based on audit party's factual objections; HC overruled ITAT's reliance on B&A Plantation case regarding scope of Section 263 inquiry. en-us Tue, 07 Jan 2025 07:56:21 +0530 Tue, 07 Jan 2025 07:56:21 +0530 TaxTMI RSS Generator Tax authority can revise assessment if AO fails to verify investment explanations, even with post-assessment audit objections. https://www.taxtmi.com/highlights?id=84639 CIT allowed to invoke Section 263 to revise assessment order due to AO's failure to verify assessee's explanation regarding investment in mutual funds/shares despite audit objections raised after assessment, as per SC ruling in CIT vs. P.V.S. Beedies Pvt. Ltd. allowing reopening based on audit party's factual objections; HC overruled ITAT's reliance on B&A Plantation case regarding scope of Section 263 inquiry. Highlights Income Tax Tue, 07 Jan 2025 07:56:21 +0530 https://www.taxtmi.com/highlights?id=84639