https://www.taxtmi.com/caselaws?id=765335 The ITAT Jaipur ruled that the AO did not exceed jurisdiction by converting a limited scrutiny case to complete scrutiny without obtaining approval from competent authority. The case involved high income reporting without submitting required assets and liabilities schedule, substantial loans compared to gross income, and loan transactions requiring verification of genuineness, sources, and compliance with Section 269SS. The tribunal found these reasons justified complete scrutiny from the outset rather than limited scrutiny conversion. The CIT(A) NFAC erred in requiring CBDT Circular compliance for conversion approval. Decision favored the assessee. en-us Tue, 21 Jan 2025 00:00:00 +0530 Thu, 30 Jan 2025 08:24:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765335 The ITAT Jaipur ruled that the AO did not exceed jurisdiction by converting a limited scrutiny case to complete scrutiny without obtaining approval from competent authority. The case involved high income reporting without submitting required assets and liabilities schedule, substantial loans compared to gross income, and loan transactions requiring verification of genuineness, sources, and compliance with Section 269SS. The tribunal found these reasons justified complete scrutiny from the outset rather than limited scrutiny conversion. The CIT(A) NFAC erred in requiring CBDT Circular compliance for conversion approval. Decision favored the assessee. Case-Laws Income Tax Tue, 21 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765335