The case pertains to the validity of revision u/s 263 involving ...

Validity of revision challenged over discrepancies in balance sheet & cash flow; technicalities rejected as trivial matter.

Case Laws Income Tax

October 28, 2024

The case pertains to the validity of revision u/s 263 involving a substantial question of law or fact. There were discrepancies between the figures for current assets and current liabilities in the balance sheet and cash flow statement filed before the Assessing Officer for the financial year 2007-08. The CIT(A) dismissed the appeal ex-parte, and the Tribunal restored the issue to the CIT(A)'s file to allow the assessee an opportunity to substantiate its case. However, the Tribunal remarked that the assessee was not interested in reconciling the discrepancies but attempting to use technical reasons to avoid responsibility, showcasing the triviality of the matter. The Supreme Court held that no case for interference was made out under Article 136 of the Constitution and dismissed the Special Leave Petition, condoning the delay. Any pending application was also disposed of.

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The case pertains to the validity of revision u/s 263 involving ...

Validity of revision challenged over discrepancies in balance sheet & cash flow; technicalities rejected as trivial matter.

Case Laws Income Tax

October 28, 2024

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