https://www.taxtmi.com/caselaws?id=797228 Omission to apply the statutory deeming provisions to excess cash consideration and undisclosed cash can render an assessment erroneous and prejudicial to the interests of Revenue where it causes non-levy or short levy of tax. Undisclosed investment and cash are addressed through sections 69B and 69A, with the special tax regime under section 115BBE and potential penalty proceedings under section 271AAC. Such omissions indicate non-application of mind and support revision under section 263, including directions for fresh inquiry and a reasoned reassessment. en-us Mon, 10 Aug 2026 00:00:00 +0530 Wed, 19 Aug 2026 08:20:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=797228 Omission to apply the statutory deeming provisions to excess cash consideration and undisclosed cash can render an assessment erroneous and prejudicial to the interests of Revenue where it causes non-levy or short levy of tax. Undisclosed investment and cash are addressed through sections 69B and 69A, with the special tax regime under section 115BBE and potential penalty proceedings under section 271AAC. Such omissions indicate non-application of mind and support revision under section 263, including directions for fresh inquiry and a reasoned reassessment. Case-Laws Income Tax Mon, 10 Aug 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=797228