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Income Tax - Highlights / Catch Notes

Home Highlights April 2019 Year 2019 This

Revision u/s 263 - source of purchase declared was examined by ...

Income Tax

April 24, 2019

Revision u/s 263 - source of purchase declared was examined by AO but unrealistically lower costs of purchases not examined - no relevant meaningful inquiry was conducted in respect to correctness of the cost of purchase of land - lack of inquiry - Revision justified

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  1. Revision u/s 263 - expenditure on purchased CDs on Jain Religion - AO had carried out detailed enquiries and taken a plausible view and accepted the assessee's treatment...

  2. Revision u/s 263 - bogus purchases - documents like invoices, given details of stocks, payments through the banking channels and confirmation from parties examined by AO...

  3. Revision u/s 263 - deduction under section 54B - No doubt the assessee declared capital gain but, whether its exemption can be claimed on purchase of other agriculture...

  4. Difference of TDS as per 26AS and TDS as declared in Return of Income (ROI) - AO failed to make inquiries - revision order u/s 263 is valid - AT

  5. Revision u/s 263 - Since the return filed by the assessee was selected for limited scrutiny, inter-alia, regarding deduction against income from other sources, the AO...

  6. Revision u/s 263 - Sure, the AO having not considered this aspect of the matter at all, there was no occasion for the assessee to clarify anything thereto, much less qua...

  7. Revision u/s 263 - bogus purchases - the assessment order does not indicate that AO had examined the genuineness of the purchase transaction in the light of the audited...

  8. Revision u/s 263 - unexplained cash deposit during the demonization period - The tribunal noted that the AO had conducted an adequate inquiry into the assessee's cash...

  9. Addition of bogus purchases - reopening u/s 147 - if the source of purchases are from the books and through account payee cheque, then how such purchases can be treated...

  10. Revision u/s 263 - provisions of Section 68 as amended given retrospective operation - Asking for source of source can be relevant inquiry - Demands confirmed - HC

 

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