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Revision on Bogus Sales Quashed – Pending CIT(A) Appeal Bars Section 263
Case Law Details
- Case Name
- Vandana Jain Vs PCIT (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Delhi
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Vandana Jain Vs PCIT (ITAT Delhi)
263 Invalid When Issue Already Pending Before CIT(A) – Statutory Bar under Explanation 1(c) Applies; PCIT’s Revision on Bogus Sales Quashed
The Assessee challenged three revision orders passed u/s 263 for AYs 2017-18 to 2019-20. The PCIT invoked revision on the ground that the AO should have taxed the alleged accommodation-entry transactions as unexplained cash credits u/s 68, instead of estimating 0.5% commission income. The Assessee argued that the very same transactions—sales/purchases routed through Sumit Jindal group—were already ...
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