Revision u/s 263 - unsecured loans receipts - Given that the AO ...

Section 263 Revision: AO's Unenquired Acceptance of Unsecured Loan Confirmations Deemed Erroneous and Prejudicial to Revenue Interests.

June 26, 2021

Case Laws Income Tax AT

Revision u/s 263 - unsecured loans receipts - Given that the AO basis a mere confirmation so filed by the assessee which in reality is not a confirmation in absence of signature and authentication has accepted the loan transaction is clearly not just a case of lack of enquiry but a case of no enquiry rendering the order so passed as clearly erroneous and prejudicial to the interest of Revenue - AT

View Source

← Previous Next →

Revision u/s 263 - unsecured loans receipts - Given that the AO ...

Section 263 Revision: AO's Unenquired Acceptance of Unsecured Loan Confirmations Deemed Erroneous and Prejudicial to Revenue Interests.

June 26, 2021

Case Laws Income Tax AT

You may also like:

Revision u/s 263 - unsecured loan - AO after having received relevant documents including confirmation has not taken pains to verify the veracity of loan transactions...

Revision u/s 263 - during the course of assessment, the AO made an addition on account of unexplained cash credit of unsecured loan u/s 68 - AO omitted to disallow the...

Revision u/s 263 - Directions of the Ld.CIT given to the AO to verify the unsecured creditors, unsecured loans, the AO in his fresh assessment order passed u/s 143(3)...

The Appellate Tribunal dismissed the assessee's appeal regarding the revision u/s 263 concerning unsecured loans received. The Principal Commissioner found that the...

Revision u/s 263 - Order of the AO in respect of unsecured loans, sundry creditors/liabilities and sundry debtors accepted by the AO is erroneous and prejudicial to the...

ITAT upheld the PCIT's revisionary order under Section 263, directing the AO to conduct a comprehensive examination of unsecured loans. The tribunal found the original...

u/s 263, the AO had not made any addition regarding cash deposits in the assessee company's bank account and unsecured loan received during the year under consideration,...

AO failed to conduct proper inquiries regarding genuineness of loan transactions for property acquisition. Bank statements revealed assessee lacked funds, payments made...

Addition u/s 68 - Since the assessing officer treated the unsecured loan as unaccounted received consequent interest was also disallowed. AO without any material...

Revision u/s 263 - re-verification of unsecured loans and creditors - unless the CIT brings on record to show that the order of the AO is erroneous, as the same was...

Revision u/s 263 by CIT - inadequate v/s no enquiry - unsecured loan, difference in stock and late payment of PF & ESI - The Tribunal reviewed each of the contested...

The ITAT held: Interest expenditure on unsecured loans is allowable deduction u/s 57(iii) as borrowed funds were utilized for advancing loans earning interest income,...

Revision u/s 263 - in original assessment AO estimated net profit @ 7% which was reduced by CIT(A) @ 5% - It is not in dispute that issue on which the remand order was...

ITAT ruled against Principal CIT's revision under Section 263, finding the order procedurally flawed. The tribunal held that PCIT cannot delegate verification...

The High Court held that the Assessing Officer (AO) had specifically called for and considered information regarding unsecured loans during the original assessment...

Quick Updates: