Revision u/s 263 - No doubt, these transactions were not ...

Unrecorded transactions clarified by assessee, not deemed unexplained; revision order u/s 263 set aside.

December 16, 2023

Case Laws Income Tax AT

Revision u/s 263 - No doubt, these transactions were not recorded at the time of survey thus qualify as unrecorded transactions satisfying one of the essential conditions, at the same time, the assessee has provided the necessary explanation about the nature and source of such unrecorded transactions and the necessary nexus with assessee’s business has been established, thus, it cannot be said that these are unexplained transactions thus, doesn’t satisfy the second condition for invoking the deeming provisions of section 69-69B - Revision order set aside - AT

View Source

← Previous Next →

Revision u/s 263 - No doubt, these transactions were not ...

Unrecorded transactions clarified by assessee, not deemed unexplained; revision order u/s 263 set aside.

December 16, 2023

Case Laws Income Tax AT

You may also like:

Service tax demand on Goods Transport Agency (GTA) services rendered on reverse charge basis set aside as appellant did not collect service tax from service recipient....

Additions towards unrecorded expenditure - A.O. has disallowed the said expenditure in Note 26 foreign currency transactions, pertaining to purchase of shooting...

Revision u/s 263 - nature of income surrendered in survey proceedings - deeming provision r.w.s 115BBE - Higher Rate of Tax - assessee has provided the necessary...

Transaction value - Valuation (Customs) - Special or abnormal discount to the related buyers which were in excess of 3% discount - The Appellate Tribunal observed that...

Valuation - third party inspection charges cannot be included in transaction value - Supreme Court held cost of transportation from place of removal to delivery excluded...

TP Adjustment - tested party - No infirmity in the order of the learned CIT(A) in directing the assessee to adopt the foreign associated enterprise as tested party with...

The ITAT Delhi held that u/s 92BA, TP adjustment for Specified Domestic Transactions is not applicable post omission of Clause (i) w.e.f. 1.4.2017. Citing Texport...

The demand for recovery of Cenvat Credit was made without proper verification and investigation, based on assumptions and presumptions. The investigation covered only 67...

Leasing of DG Sets does not constitute supply of tangible goods for use service, as the transaction is in the nature of deemed sale under Article 366(29A) of the...

Clandestine removal demand based on electricity consumption not sustainable as mere electricity consumption cannot be the sole basis for determining duty liability....

The case pertains to the validity of reopening of assessment and addition made u/s 68 as unexplained cash credit. The key points are: The assessee had duly recorded the...

Capital gains - treating information contained in ITS as related to transaction of sale of immovable property - Assessee had pointed out how the two transactions...

Levy of sales tax – turnover - shame transactions for obtaining loan from bank - no real business transaction and the entire transaction was false and forged - demand...

Addition for no TDS on Deemed dividend u/s 2(22)(e) - whether the amounts given the directors are for the business purpose? - the ledger account of the said directors...

The Appellate Tribunal upheld the reopening of assessment u/s 147 due to the assessee providing bogus accommodation loss entries. The AO had reasons to believe in the...

Quick Updates: