ITAT Upholds Section 263 Revision as AO Verified Expenses Only on Random Basis

Advertisement St. Lawrence Education Trust Vs PCIT (ITAT Pune) Section 263 Revision Valid Because Unsupported Cash Expenses Were Not Properly Examined: ITAT; ITAT Confirms PCIT’s Revisionary Powers Due to Inadequate Enquiry Into Expense Claims; Assessment Order Revised Under Section 263 Because Vouchers for Expenses Were Missing During Survey; ITAT Holds Assessment Erroneous Because Expenditure Verification Was Conducted Only Sample-Wise; Revision Under Section 263 Sustained Because Assessing Officer Failed to Fully Verify Cash Expenditure; ITAT Dismisses Trust’s Appeals Because Expense...