The ITAT dealt with a case involving a Revision u/s 263. The ...

Cash deposits during demonetization period properly examined by Assessing Officer. Non-disclosure of income from scrap sales debunked. Revision u/s 263 not justified.

Case Laws Income Tax

June 21, 2024

The ITAT dealt with a case involving a Revision u/s 263. The PCIT alleged that the AO did not inquire into cash deposits during demonetization or non-disclosure of income from scrap sales. However, the ITAT found that the AO had conducted proper inquiries based on assessment records, notices issued u/s 142(1), and replies from the assessee. The PCIT's allegations were deemed unfounded as the assessment order was not erroneous or prejudicial to revenue. The ITAT emphasized that invoking section 263 requires meeting specific conditions and that the revisionary authority cannot act arbitrarily. The decision favored the assessee due to lack of evidence supporting the PCIT's allegations.

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The ITAT dealt with a case involving a Revision u/s 263. The ...

Cash deposits during demonetization period properly examined by Assessing Officer. Non-disclosure of income from scrap sales debunked. Revision u/s 263 not justified.

Case Laws Income Tax

June 21, 2024

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