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

Last updated: 28 September 2021

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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

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1 Year PLAN

1999

(Excl. of GST ₹359)

2 Years PLAN

3499

(Excl. of GST ₹629)

BEST VALUE

3 Years PLAN

4999

(Excl. of GST ₹899)

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Attached File : 1599418_4480_ita_no_10_jp_2021_rameshwar.pdf

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Judgement posted by

mahendra gargieya

Advocate Practicing in Direct, Indirect Taxation Company Law Matters for more than 30 years now. Regularly appearing before Honble High Courts, different Benches of ITAT, CESTAT, NCLT, etc. . Former Chief Editor Tax World - A high reputed Professional Journal of Rajasthan Tax Consultants Association. More than ... Read more

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