9911796707
TMI BlogThe AO failed to correctly compute the undisclosed income after considering the correct sale value of...The AO failed to correctly compute the undisclosed income after considering the correct sale value of land as per Form 26AS. The assessee claimed that one of the lands in Form 26AS pertained to "Vaibhav Corporation Pvt. Ltd." and not to him, requiring further verification by the AO. However, the AO failed to make the correct addition u/s 68 and failed to consider the cash deposit, resulting in underassessment of income. The PCIT invoked revision proceedings u/s 263, despite the assessee providing evidence that the sale of property was done by "Vaibhav Corporation Pvt. Ltd." and not by the assessee, including the relevant Form 26AS and a letter from the Sub-Registrar confirming the same. The ITAT held that when such evidence was filed, the P..... ..... X X X X Extracts X X X X X X X X Extracts X X X X
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