The assessee's appeal against the Commissioner's revision order ...

Tribunal upholds Commissioner's revision order despite flaws in reopened assessment.

Case Laws Income Tax

October 1, 2024

The assessee's appeal against the Commissioner's revision order u/s 263 was dismissed. The Tribunal held that the Assessing Officer (AO), after reopening the assessment u/s 147, failed to conduct a detailed inquiry and verification regarding the reasons for reopening and the genuineness of the transactions. The order passed u/s 147 read with Section 144B lacked findings on these aspects, rendering it erroneous and prejudicial to the Revenue's interests. The Tribunal rejected the contentions regarding non-application of mind by the Commissioner and the invalidity of the order u/s 147 due to non-addition of income. It held that the AO can make additions on other issues even if no addition is made for the reasons for reopening, and the order u/s 147 does not become invalid merely because the returned income was accepted. The Tribunal affirmed the Commissioner's revisionary jurisdiction u/s 263 in such cases.

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The assessee's appeal against the Commissioner's revision order ...

Tribunal upholds Commissioner's revision order despite flaws in reopened assessment.

Case Laws Income Tax

October 1, 2024

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