Revision u/s 263 by CIT - When the case of the assessee was ...

Income Tax

April 6, 2022

Revision u/s 263 by CIT - When the case of the assessee was selected under CASS to examine the capital gains then the AO was required to examine the case meticulously on all the issues including the applicability of Section 50C for determining the correct income of the assessee and should pass a speaking order. Not only that the claim of income under business head cannot be made in ITR-2. Looking to all these apparent error in the order of the AO, it leaves the assessment open to the invocation of provision of Section 263. - Revision order sustained - AT

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Revision u/s 263 by CIT - When the case of the assessee was ...

Income Tax

April 6, 2022

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