Explanation and evidence w.r.t. cash recoveries made from Sundry Advances

Last updated: 28 September 2021

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Quick Summary

This Income Tax Appellate Tribunal (ITAT) Jaipur ruling concerns an appeal by Rameshwar Prasad Shringi against an order by the Pr. Principal Commissioner of Income Tax (Pr. CIT), Udaipur. The Pr. CIT invoked Section 263, deeming the original assessment order erroneous and prejudicial to revenue interests, specifically regarding cash recoveries of Rs. 85 Lakh from sundry debtors. The assessee argues the Pr. CIT wrongly assumed jurisdiction under Section 263, as the Assessing Officer (AO) had already applied their mind to the issue, and it was merely a case of change of opinion.

Court :
ITAT Jaipur

Brief :
The impugned order passed by the ld PCIT u/s 263 is accordingly set aside and the order of the Assessing officer is sustained.

Citation :
ITA No. 10/JP/2021

Daily Limit Reached