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Income Tax - Highlights / Catch Notes

Home Highlights August 2022 Year 2022 This

Revision u/s 263 by CIT - genuineness of Share Capital ...

Income Tax

August 29, 2022

Revision u/s 263 by CIT - genuineness of Share Capital Investment - the Assessing Officer accepted the genuineness of the share application money and unsecured loans received by the assessee. Such a view of the Assessing Officer was a plausible view and the same cannot be considered as erroneous or prejudicial to the interest of revenue. - AT

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  3. Revision u/s 263 - CIT has merely directed the Assessing Officer to make an elaborate inquiry. - revision is not valid - AT

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