Satisfaction of Twin condition (i) an error prejudicial to the interests of the Revenue and (ii) lack of proper inquiry by the Assessing Officer must for invoking revisionary power under section 263
Provision, if commercially prudent and contractually required, is not merely permissible but necessary and cannot be equated with uncertain or notional liabilities: Delhi HC
If shares are held for over 12 months and consistently treated as investments, the resulting income should be treated as capital gains & not as Business Income
Where regular assessment proceedings have been commenced U/s 143(2), there is no need for summary proceedings under Section 143(1)(a)
Reopening on one ground and addition on different Ground – ITAT Confirmed CIT(A)’s Decision to Cancel Reassessment
Nagpur ITAT deleted addition under section 69A in respect of cash loans as Assessee acted as a finance broker
Mere statement recorded during search cannot be treated as incriminating document for making addition in a search case
Bogus Purchase Addition: Assessee gave no input & so there was no way to determine a gross profit – Entire amount deemed unexplained
