Revision u/s 263 - ‘On-money’ receipt - the view taken by the ...

Assessment of 'On-Money' Receipts Upheld; AO's Discretion on Enquiry Emphasized; Order Not Detrimental to Revenue Interests.

June 5, 2021

Case Laws Income Tax AT

Revision u/s 263 - ‘On-money’ receipt - the view taken by the A.O. was one of the possible views and the assessment order passed by him could not be held to be erroneous and prejudicial to the interests of revenue. There is difference between ‘Lack of enquiry’ and ‘inadequate enquiry’. It is for the AO to decide the extent of enquiry to be made as it is his satisfaction as what is required under law. - AT

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Revision u/s 263 - ‘On-money’ receipt - the view taken by the ...

Assessment of 'On-Money' Receipts Upheld; AO's Discretion on Enquiry Emphasized; Order Not Detrimental to Revenue Interests.

June 5, 2021

Case Laws Income Tax AT

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