Revision u/s 263 by CIT - lack of enquiry proved or not? - AO ...

CIT's revision attempt quashed as AO's independent verification of cash deposits deemed sufficient and genuine.

November 6, 2023

Case Laws Income Tax AT

Revision u/s 263 by CIT - lack of enquiry proved or not? - AO has accepted the genuineness of the cash deposited in the bank account after a conscious and independent application of mind. - Revision order held to be bad in law and the same is as such quashed. - AT

View Source

← Previous Next →

Revision u/s 263 by CIT - lack of enquiry proved or not? - AO ...

CIT's revision attempt quashed as AO's independent verification of cash deposits deemed sufficient and genuine.

November 6, 2023

Case Laws Income Tax AT

You may also like:

Assessee engaged in business of commission agent (Aadatia) for agricultural products. AO made addition u/s 68 treating entire cash deposits in bank account as...

The ITAT Delhi held that the CIT(A) erred in presuming all cash deposits as business receipts u/s 44AD. The CIT(A) treated deposits as business receipts and applied 8%...

Revision u/s 263 - unexplained cash deposit during the demonization period - The tribunal noted that the AO had conducted an adequate inquiry into the assessee's cash...

The case involved the scope of limited scrutiny and the validity of a notice u/s 143(2) of the Income Tax Act. The assessee's case was selected for limited scrutiny to...

Assessing Officer conducted due enquiries regarding cash deposits during demonetization period, called for details from assessee to substantiate source. AO applied mind,...

Revision u/s 263 involving excess deduction of transport expenses and non-deduction of TDS on transportation charges. CIT held AO failed to verify adequately, rendering...

Revision u/s 263 - Unexplained cash deposits - Merely because documents, noted by the AO to be produced by the creditor of source of cash deposit in response to summons...

Revision u/s 263 - unexplained cash deposits - onus to prove - The Pr. CIT found the assessment order erroneous and prejudicial to the revenue's interests due to...

Revision u/s 263 - source of cash deposited in the Bank account - There is a direct nexus between the transaction of sale and the cash deposited in the bank account of...

Addition u/s 69A - unexplained income - cash deposits made into bank account during demonetization period - assessee neither furnished stock summary nor bills/vouchers...

Cash credit u/s 68 r.w.s. 115BBE - cash deposit during demonetization period - assessee's failure to maintain books of accounts u/s 44AD. Held that where exemption from...

Unexplained cash deposits - Deposits in regular bank account of the assessee, during demonetization period - the assessee was maintaining complete stock tally, the sales...

Unexplained deposits in cash in bank - assessee's father was the owner of agriculture land and the said cash was deposited partly out proceeds from sale of agriculture...

Revision u/s 263 - Erroneous allowance of deduction u/s 54B - it is not the case that the AO has not made enquiry. Indeed the Pr. CIT initiated proceedings under section...

Revision u/s 263 - Erroneous allowance of deduction u/s 54B - it is not the case that the AO has not made enquiry. Indeed the Pr. CIT initiated proceedings under section...

Quick Updates: