Provisions of Section 263 on the issue of taxability of unexplained sales, receivables and payables


Quick Summary
This Income Tax Appellate Tribunal ruling addresses the taxability of unexplained sales, receivables, and payables under Section 263. The Tribunal found that the Principal Commissioner of Income Tax (PCIT) incorrectly invoked Section 263 powers. The PCIT failed to conduct necessary inquiries or demonstrate that the Assessing Officer's view was unsustainable in law before issuing revision orders. Consequently, the Tribunal set aside the PCIT's revision orders, allowing the assessee's appeals.

Court :
ITAT Chandigarh

Brief :
The present appeals relate to the same assessee and are against separate orders both dated 31.03.2021 of the Principal Commissioner of Income Tax (Central ) , Ludhiana( in short referred to as “PCIT” ) , passed in exercise of his revisionary jurisdiction u/s 263 of the Income Tax Act ,1961

Citation :
ITA Nos. 123 & 124/CHD/2021

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Poojitha Raam Vinay
Published in Income Tax
Views : 130
downloaded 265 times

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