Tribunal held that without show causing assessee, Commissioner could not presume that incentive had not been actually paid to employees; addition of incentive was not sustainable. Assessing Officer has allowed the commission after proper inquiry. Tribunal also held that source of money introduction in capital account being fully explained to satisfaction of Assessing Officer, revision was unjustified. (AY. 2014-15)
Shailesh Kumar Gandhi v. PCIT (2020) 183 ITD 567/195 DTR 259/207 TTJ 899 (Cuttack)(Trib.)
S. 263 : Commissioner-Revision of orders prejudicial to revenue-Commission-Without show cause notice cannot presume that incentive had not been paid-Share capital-Source of introduction of capital fully explained-Revision is held to be not valid. [S. 37(1), 68]