CIT(E) exercised revisionary powers under s.263 due to AO's ...

Commissioner Revises Assessment Under Section 263 After Officer Failed to Investigate Suspicious Machinery Payment Through Employee

February 25, 2025

Case Laws Income Tax AT

CIT(E) exercised revisionary powers under s.263 due to AO's failure to investigate payments for machinery supplied through an employee. Despite receiving specific information, AO made no inquiries regarding a notarized tripartite MoU involving M/s. Aarti Enterprises and Dr. M.S. Hiremath, making the assessment order erroneous and prejudicial to revenue interests. ITAT rejected assessee's contention that tax exemptions under ss.12AA and 10(23C)(via) nullified revenue prejudice, holding that potential impact could only be determined after proper examination. The tribunal upheld CIT(E)'s jurisdiction under s.263, finding sufficient grounds for revision, and dismissed assessee's appeal.

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CIT(E) exercised revisionary powers under s.263 due to AO's ...

Commissioner Revises Assessment Under Section 263 After Officer Failed to Investigate Suspicious Machinery Payment Through Employee

February 25, 2025

Case Laws Income Tax AT

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