[aaykarbhavan] No revision by CIT if AO had duly verified that sum deposited in bank account of director was income of Co.

No revision by CIT if AO had duly verified that sum deposited in bank account of director was income of Co.

April 25, 2015[2015] 56 taxmann.com 170 (Panaji - Trib.)

IT : Where Assessing Officer had duly inquired about sum deposited in bank account of assessee and took a conscious decision that said sum represented income of company in which assessee was director, in absence of any cogent material which proved that decision taken by Assessing Officer was erroneous, revision order passed to tax same in assessee's hand was to be set aside

IT : Order passed under section 153C could be revised under section 263; starting date of limitation would be computed from end of financial year in which section 153C order was passed and not from when return was processed under section 143(1)

 

Regards

Prarthana Jalan

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Posted by: Prarthana Jalan <prarthanajalan@ymail.com>

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