Revision u/s 263 - Upon examination, the Tribunal found that the ...
Income Tax
April 29, 2024
Revision u/s 263 - Upon examination, the Tribunal found that the Assessing Officer had conducted adequate enquiries during the assessment proceedings, thereby rendering the Commissioner's intervention under Section 263 unwarranted. Specifically, the Tribunal noted that the Assessing Officer had sufficiently examined the unsecured loans, and any assertions to the contrary were deemed baseless. Additionally, while acknowledging the ineligibility of the assessee for depreciation on assets as an application of income, the Tribunal concluded that this issue did not impact the assessment due to the assessee's exemption under Section 10(23C)(iiiad) of the Act. - Consequently, the Tribunal allowed the appeal of the assessee, quashing the revision order passed by the CIT.
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