Revision u/s 263 - unexplained cash deposits - The tribunal ...

Case Laws Income Tax

February 27, 2024

Revision u/s 263 - unexplained cash deposits - The tribunal rejected the notion that unexplained deposits prior to withdrawals undermined the explanation provided by the appellant. - Regarding the PCIT's assertion of the AO's mistake in not making the addition, the tribunal stated that an assessment order must be interpreted as is, without assumptions or postulations. If the AO had indeed erred, avenues for correction, such as rectification under Section 154 of the Act, were available but not utilized.

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Revision u/s 263 - unexplained cash deposits - The tribunal ...

Case Laws Income Tax

February 27, 2024

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