Revision u/s 263 - bogus purchase - proof of nexus between the ...

Assessing Officer Not Required to Record Findings if Assessee's Submissions Accepted u/s 263; Nexus Between Purchases and Sales Examined.

June 4, 2022

Case Laws Income Tax AT

Revision u/s 263 - bogus purchase - proof of nexus between the purchases and sales - once submission/reply filed by the assessee, pursuant to enquiry by the Assessing Officer, are accepted by the Assessing Officer then finding on that particular aspect is not necessary to be recorded by the Assessing Officer. Further, it has not been denied in the present case that though the proceedings under section 147 of the Act may have been abated, as a result of search action, all the information filed by the assessee in response to notice(s) under section 143 (2) of the Act, during reassessment proceedings, were available with the Assessing Officer. - AT

View Source

← Previous Next →

Revision u/s 263 - bogus purchase - proof of nexus between the ...

Assessing Officer Not Required to Record Findings if Assessee's Submissions Accepted u/s 263; Nexus Between Purchases and Sales Examined.

June 4, 2022

Case Laws Income Tax AT

You may also like:

The High Court held that for levying penalty u/s 271D for violation of Section 269SS, the Assessing Officer must record satisfaction that the provisions were violated....

Revision u/s 263 - Characterization of income - Real estate business - Assessing Officer has conducted sufficient enquiry as required under Explanation 2(a) to Section...

Revision u/s 263 - The fact remains that the specific issue raised, in the revision order was specifically looked into, detailed submissions were made and these...

Revision u/s 263 - Assessee has regular dealings with these related persons/entities and necessary confirmation is on record and therefore, the findings of the ld PCIT...

The Appellate Tribunal dismissed the assessee's appeal regarding the revision u/s 263 concerning unsecured loans received. The Principal Commissioner found that the...

Revision u/s 263 by CIT - The fact remains that the specific issue mentioned and has been examined and the contention of the assessee accepted by the Assessing Officer....

Revision u/s 263 - Once the valuation report has not been sent by the valuation officer to the assessing officer/assessee, within the period stipulated by the act that...

Revision u/s 263 - disallowance u/s 14A - where the Assessing Officer had recorded the satisfaction as required under section 14A of the Act, made enquiries and...

Revision u/s 263 challenged for lack of proper inquiry by Assessing Officer regarding cash deposits during demonetization, scrap sales, and non-submission of audit...

Revision u/s 263 by CIT - The Appellate Tribunal found that the PCIT's assumption of jurisdiction under Section 263 was not justified. It observed that the assessment...

The case pertains to the levy of penalty u/s 271G for failure to furnish documents and information u/ss 92CA/92D. The key points are: The Transfer Pricing Officer (TPO)...

Revision u/s 263 - assessment order as contrary to the draft assessment order - The remedy against unjust disallowances, on merits, lies in the appellate process and not...

Appellate Tribunal held that the Assessing Officer failed to provide findings for rejecting assessee's claim of exemption as a startup from applicability of section...

Revision u/s 263 - an order which is erroneous and prejudicial to the interest of Revenue - When all the evidences relating to commission/brokerage paid by assessee both...

Penalty levied u/s 274 read with Section 270A - assessee computed tax on disallowed depreciation amount at maximum marginal rate and levied 200% penalty on payable tax -...

Quick Updates: