CIT allowed to invoke Section 263 to revise assessment order due ...

Tax authority can revise assessment if AO fails to verify investment explanations, even with post-assessment audit objections.

January 7, 2025

Case Laws Income Tax HC

CIT allowed to invoke Section 263 to revise assessment order due to AO's failure to verify assessee's explanation regarding investment in mutual funds/shares despite audit objections raised after assessment, as per SC ruling in CIT vs. P.V.S. Beedies Pvt. Ltd. allowing reopening based on audit party's factual objections; HC overruled ITAT's reliance on B&A Plantation case regarding scope of Section 263 inquiry.

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CIT allowed to invoke Section 263 to revise assessment order due ...

Tax authority can revise assessment if AO fails to verify investment explanations, even with post-assessment audit objections.

January 7, 2025

Case Laws Income Tax HC

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