Revision u/s 263 by CIT - substantial increase in the capital ...

CIT's Section 263 Revision Challenged: AO's Inquiry into Capital Increase Deemed Adequate, No Error or Revenue Prejudice Found.

June 14, 2022

Case Laws Income Tax AT

Revision u/s 263 by CIT - substantial increase in the capital account - In the present case the Ld. Pr. CIT on the one hand mentioned that the assessee did not provide details of substantial increase in capital in a year, on the other hand, she mentioned that the reply was furnished by the assessee relating to addition in capital account which was reproduced in para 6 of the impugned order. In the present case, it cannot be said that the AO did not make inquiries / verification relating to increase in capital account of the assessee as alleged by the Ld. Pr. CIT. - it cannot be said that the order passed by the AO was erroneous or prejudicial to the interest of the Revenue - AT

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Revision u/s 263 by CIT - substantial increase in the capital ...

CIT's Section 263 Revision Challenged: AO's Inquiry into Capital Increase Deemed Adequate, No Error or Revenue Prejudice Found.

June 14, 2022

Case Laws Income Tax AT

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