Notice Issued but Explanation Ignored – ITAT Sends 263 Back to PCIT- Speaking Order Mandatory

Sanjay Jhawar Vs PCIT (ITAT Lucknow)

Assessee challenged the revision order passed by PCIT u/s 263. There was a delay of 109 days in filing the appeal, which was condoned considering the medical exigency of Assessee’s mother.

The core issue was that PCIT set aside the assessment order u/s 263 by alleging that AO had not made sufficient enquiries regarding increase in unsecured loans & heavy cash deposits during demonetisation. However, Assessee contended that all documents, confirmations & explanations were already submitted before AO during scruti

Please become a Premium member. If you are already a Premium member, login here to access the full content.