Revision u/s 263 - where there is no addition on account of ...

Court Overturns Pr. CIT's Order on Unaccounted Sales; Section 263 Revision Found Baseless Without Proof of Additional Profit.

December 3, 2022

Case Laws Income Tax AT

Revision u/s 263 - where there is no addition on account of unaccounted sales and the resultant additional net profit, then the question of alleged capital employed to carry out such alleged unaccounted sales and turnover as per the order of the Ld. Pr. CIT doesn’t have any legal basis and the same deserve to be set-aside. - AT

View Source

← Previous Next →

Revision u/s 263 - where there is no addition on account of ...

Court Overturns Pr. CIT's Order on Unaccounted Sales; Section 263 Revision Found Baseless Without Proof of Additional Profit.

December 3, 2022

Case Laws Income Tax AT

You may also like:

Suit decreed partially for recovery, doctrine of lis pendens applied. Agreement dated 17.08.1990 not found fraudulent or result of collusion between plaintiff and...

The High Court considered the legality of a penalty imposed u/s 31(3) of the Bihar Finance Act, 1981, due to the want of Form 28B. The issue was whether the defendants...

The High Court dismissed the criminal revision petition filed by the petitioner against the conviction u/s 277 of the Income Tax Act, 1961. The court upheld the...

Jurisdiction - powers of AO to re-assess the escape turnover - Power of suo moto revision. - The High court found that the respondent No. 3 (Additional Commissioner of...

The Rajasthan High Court examined the validity of revision proceedings u/s 263 concerning the period of limitation. The issue was whether the period of limitation for...

Assessee's unaccounted sales were estimated based on notebooks, diaries, and WhatsApp conversations. Only real income can be taxed. While unaccounted sales existed,...

Unaccounted purchases - only the profit element in such unaccounted purchase should be made especially when there is no unaccounted stock found during the survey on...

In a dishonored cheque case, the SC overturned the High Court's decision, ruling that the complainant is not obligated at the threshold to prove financial capacity to...

HC overturned GST registration cancellation where authorities had cancelled registration upon finding business premises closed during inspection. Petitioner demonstrated...

Deduction of unaccounted expenses from Unaccounted income - Applicability of provisions of Section 40A(3) - Admittedly, the seized document contains unaccounted income...

The case pertains to allegations of money laundering, charging of illegal commissions, sale of unaccounted illicit country liquor using holograms, and payment of annual...

The High Court address the rejection of revision petition u/s 264 due to an inadvertent error in filing Form ITR-VII, resulting in denial of exemption to a trust...

Suit for recovery of money on the foot of promissory note - Burden/onus to prove - The High Court found in favor of the plaintiff, overturning the decision of the...

Smuggling - Sandalwood - Acquittal of accused - The High Court held that, the Trial Court's acquittal was based on the lack of concrete evidence linking the respondent...

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...

Quick Updates: