S. 69A : Unexplained moneys (Revision) – Whenever while in the analysis assessee got filed the associated details of fund and progress and you will said having said that improve try returned back to the following year, AO shortly after due verification introduced acquisition, invocation from improve you/s.263 from the Pr. CIT was unjustified.
CIT invoked modify u/s. 263 toward crushed you to definitely AO had not checked out situation about progress regarding specific amount supplied by assessee to just one AIP and you will as well as hadn’t checked-out issue connected with money out-of fee so you’re able to several persons.
Kept you to definitely, whenever assessee got supplied all related information regarding mortgage and you may enhances provided and explained however improve is returned back into second season and also have furnished backup regarding ledger membership, after that, assessee got and registered most of the proof and you can explained qualities into the relation so you’re able to transformation available with eg a couple individuals to help you which it paid commission including duplicate from sales register, profit and loss account and you can confirmation out of activities just before AO. (more…)
