https://www.taxtmi.com/caselaws?id=786252 Revision under the tax code challenged an assessing officer's acceptance of an assessee's self computed disallowance for exempt income without testing the computation method or excluding strategic investments; reliance on the Apex Court principle in Maxopp required the AO to verify a third party report, and failure to do so activated deeming provisions, making the disallowance unsustainable. The AO also ignored intelligence indicating receipt of accommodation entries, which mandated inquiry under established precedents requiring meaningful enquiries. Consequence: the revisionary authority's invocation of revisionary powers was upheld and the taxpayer's position was overturned. en-us Thu, 05 Feb 2026 00:00:00 +0530 Tue, 10 Feb 2026 07:46:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=786252 Revision under the tax code challenged an assessing officer's acceptance of an assessee's self computed disallowance for exempt income without testing the computation method or excluding strategic investments; reliance on the Apex Court principle in Maxopp required the AO to verify a third party report, and failure to do so activated deeming provisions, making the disallowance unsustainable. The AO also ignored intelligence indicating receipt of accommodation entries, which mandated inquiry under established precedents requiring meaningful enquiries. Consequence: the revisionary authority's invocation of revisionary powers was upheld and the taxpayer's position was overturned. Case-Laws Income Tax Thu, 05 Feb 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=786252