Revision u/s 263 - unexplained cash deposits - onus to prove - ...

Income Tax

March 2, 2024

Revision u/s 263 - unexplained cash deposits - onus to prove - The Pr. CIT found the assessment order erroneous and prejudicial to the revenue's interests due to inadequate verification. - The Tribunal upheld the Ld. Principal Commissioner's decision, stating that the AO had not adequately examined the sources of cash deposits nor obtained relevant details or evidence before accepting explanations. The appellant failed to provide documentary evidence supporting claims, and the AO's assessment lacked thorough inquiry.

View Source

← Previous Next →

Revision u/s 263 - unexplained cash deposits - onus to prove - ...

Income Tax

March 2, 2024

You may also like:

Revision u/s 263 - not making the addition of unpaid service tax is erroneous as well as prejudicial to the interest of the revenue - Order of Pr. CIT on this issue confirmed.

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...

Revision u/s 263 by CIT - Unexplained cash deposit received from various persons - Once the Assessing Officer has taken a view based on the explanation as well as...

Revision u/s 263 - Unexplained cash deposits - A lack of inquiry on a pertinent point which demonstrates possible revenue leakage of staggering amount would definitely...

Revision u/s 263 - tds credit issue non examination by AO - non examination of an issue by the AO renders the assessment erroneous and prejudicial to the interests of the revenue

Revision u/s 263 by the ld. PCIT - Neither the AO had enquired into the sources of cash deposits nor the appellant had offered any explanation in support of the sources...

Revision u/s 263 by CIT - Addition u/s 68 - unexplained share application money - Since the aforesaid exercise was carried out by the second AO in the reassessment...

Revision u/s 263 by CIT - unexplained cash credit under section 68 - AO has verified the information submitted by the assessee based on the directions from co-ordinate...

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 by CIT - Addition of unexplained cash credit u/s 68 - AO has deemed it fit and proper to treat the cash deposits as the business receipts of the...

Quick Updates: